"Ed Balls had said he would "love" to be chancellor one day but stressed he is happy in his current job and pledged his full support for Alistair Darling.
The schools secretary, a former chief economic adviser to Gordon Brown, told the New Statesman he would be keen on the role of chancellor "in the future".
But he said he backed the current chancellor "100%".
Mr Balls, married to Cabinet minister Yvette Cooper, also said Labour would be led by a woman "in his lifetime".
In an interview with the magazine, Mr Balls said it would be "silly" to say he would not want to lead Labour himself one day.
But he said he was not positioning himself for a future leadership contest.
Mr Balls said the work he was now doing was only "half done" and he did not want to change job.
But he added: "Would I like to be chancellor at some point in the future? Of course I would. I'd love it."
He went on to describe Mr Darling as "brave and far-sighted".
"I think we are rightly both getting on with the jobs we've got," he said.
"Alistair and I go back a long way... I only have respect and 100% support for him." "
Ah that has cheered me up, the thought of Ed Balls as Labour leader is only beaten by the thought of Harriet Harman for sheer amusement value.
But the funniest line is that Ed Balls sees "Mr Darling as "brave and far-sighted", now that is hysterically funny.
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