SNL Premiere: Tina Fey May Play Palin. Who Will Play Michelle Obama?

SNL executive director Lorne Michaels hopes to lure back Maya Rudolph to play Michelle Obama, and is currently in talks with "30 Rock" actress and executive producer Tina Fey, to play Sarah Palin, the GOP vice presidential nominee. Fey bears a likeness to Palin, making her the networks perfect choice for the role.

"There have been discussions," Michaels said to Associated Press, when asked about the possibility of Fey returning. "They're ongoing."

Obama is set to make a cameo appearance on the season premiere of SNL, his second appearance on the sketch comedy show.

Obama last appeared on the program in November 2007, making a cameo during an opening skit about a Halloween party at Hillary Rodham Clinton's house, where she was portrayed as the presumptive president. It remains unclear what Obama will exactly do on the show this time.

The 8-gold medal Olympic winner, Michael Phelps, will host the show.

"I was a little nervous coming into this whole thing, but I've actually started to get really, really excited," Phelps said Thursday on a conference call from New York.

"I'm definitely looking forward to Saturday. This is a completely new experience for me, but something that is going to be pretty fun."