King also opened up about her upcoming special, 'The Queen Carries On,' airing Friday, May 14.
Amid Ellen DeGeneres announcing that season 19 of The Ellen DeGeneres Show would be her last, rumors surfaced that the comedian, who has guest-hosted the daytime talk show, might be in the running to helm her own program.
"I think that could be fun. That would be great fun," King tells ET's Kevin Frazer, ahead of her The Queen Carries On: A Gayle King Special. "They know she can do the job. Kelly Clarkson is doing great. So they've got some options, but there still is only one Ellen."
King admits she was "surprised that Ellen was going to end her talk show." "But I also understand. Look, she's been doing it for 19 years, she's been at the top of her game for the 19 years. The work that Ellen has done, over $300 million has been given to audience members, over $70 million for charity, and she really was a show that just makes you feel good when you watch it."
"I love her personality, I love her take on life and the way she would come out," she continues. "She always just wanted to make people feel better, always. And she has done that, she has done that to those of us who watch her show."
While next season might be DeGeneres' last, the CBS This Morning co-host is "excited" for DeGeneres' next chapter. "There's nothing about leaving on your own terms that's very satisfying," she says.
King, meanwhile, is gearing up for her CBS special, The Queen Carries On, which explores the extraordinary life and reign of Queen Elizabeth II. King says she's fascinated with the 95-year-old head of the British monarchy and her devotion to her country.
"She's the longest-reigning monarch in history. Think about that. She took a vow when she was 21 that this would be her life and she has put duty before anything and that continues," King expresses. "I think she's just widely respected, widely admired and this is really sort of a very different time for the queen."
While she hasn't met the queen, she would love to interview her one day. For the special, they did talk to a slew of royal experts, friends of the queen, former President Barack Obama, Paul McCartney and more.
"Those who know her say that she's got a wicked sense of humor, that she likes to laugh, she likes to tell a joke," King dishes. "That behind closed doors…they said that she really does enjoy a good laugh and I liked hearing that."
"From all of the experts that we have talked to, the royal biographers and people that know her, we talked to ladies in waiting, we talked to journalists who have covered her for years, he really was the love of her life," King says. "They met when she was very young and it's so interesting to see them when they were very young…But I just look at their relationship and the love that they had for each other, it really was a true love story. Some people say, how will she move on? She will move on because she really is the ultimate of keep calm and carry on. And she's certainly done that."
The Queen Carries On: A Gayle King Special will air May 14 at 8 p.m. on CBS.
Tune into ET on Thursday for more from King and her chat with Frazier. Check your local listings here.