Last week, Colbert transferred his super political action committee to fellow Comedy Central host Jon Stewart. That technically allows Colbert to enter the Republican presidential primary in his home state of South Carolina.
Although his name won't appear on the ballot, Colbert has launched a presidential exploratory committee.
He told Stephanopoulos that the committee will consist of "someone who is good with explosives," a mountain climber and a brain in a jar. He likened himself to a "one-man Louis and Clark" expedition looking for his Sacagawea.
Colbert said if his quest for presidency doesn't work out, he would be willing to throw his weight behind one of the other candidates.
"All they have to do is come kiss my ring like they did Donald Trump's," he said.
A recent Public Policy Polling survey found Colbert beating former Utah Gov. Jon Huntsman in the state. According to the survey, Colbert has 5 percent of the vote and Huntsman has 4 percent.