The actor took part in Kristen Wiig's SNL farewell last week, but has now shared that he has no desire to follow her in leaving the NBC sketch comedy show.
"I love it; I love my friends there. We're family," Armisen explained to Page Six.
Armisen also revealed that Wiig's SNL exit - which saw her serenaded by Mick Jagger - was a truly bittersweet moment.
"It was both sad and happy because no-one ever [really] leaves SNL. Did you see the good nights? Kristen, Amy Poehler, Rachel Dratch, Chris Parnell, everyone. No-one goes very far," he said.
If Armisen does sign on for more SNL, it will mark his 11th season on the sketch comedy series.
SNL executive producer Lorne Michaels revealed earlier this week that Andy Samberg and Jason Sudeikis could return in the fall despite rumors that they will be moving on.
Watch Fred Armisen in a Saturday Night Live sketch below: