Retired quarterback and Denver Broncos executive John Elway revealed Sunday that he's been approached by the Republican Party to run for public office, but said he'd rather stay on the sidelines.

Elway, speaking to "Fox News Sunday" on the morning of the Super Bowl, explained that he was a Republican by philosophy, but considered himself a more moderate Republican.

"We have to have some kind of safety net. My philosophy is, when given the opportunity to go take advantage of that, that's when you get the best out of people. So my beliefs align best with the GOP," he said.

In 2012, Elway was a supporter of Mitt Romney's campaign for the presidency.

"I wouldn't say I'm way right," said Elway. "I'm middle right."

In the past years, he said he had "been approached a couple times" to run for office in Colorado, but that he prefers to be "supportive" than to be a candidate.

"It's my duty to be a volunteer. Politics is a tough business. Football is a tough business, but I'm not sure it's as tough as politics. I'll stay on the outside of that," Elway told Fox's Chris Wallace.