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The entrepreneur, 68, might throw his hat in the ring in 2024 after selling his plumbing business this week in a deal estimated to be worth between up to £145 million.
However, he pulled out after deciding that a political career would not work while also representing Pimlico Plumbers which he founded in 1979.
The next election is due to take place after Mr Khan serves his three-year term.
Speaking from his Spanish villa in Marbella, Mr Mullins told how selling the firm gives him the chance to do other things including representing London and focusing on the music industry.
He also recently revealed his son Scott remains chief executive.
“It was a big decision to make, to step away completely. I’ve spent a lifetime at Pimlico,” Mr Mullins told The Mirror.
“But I’ve handed it over to good people. Neighbourly has the same work ethic as myself, and the have the financial backing.”
Mr Mullins was a great opposer of the Brexit deal and he had called for Theresa May to quit as Prime Minister when her bill faced a rough ride through the Lords.
During his final moments at Pimlico Plumbers, he also became an ambassador for the coronavirus vaccine when he doubled down on plans to force new starters to have the jab.
🤝 Pimlico are proud to announce that we are joining the @Neighborly family.
👉 Read our full statement below.#pimlico #neighborly #welcometotheneighborhood #ownthehome @neighborlybrand pic.twitter.com/2xSoV2SSIb
— Pimlico (@PimlicoPlumbers) September 21, 2021
The firm has been sold to US home services giant Neighborly, according to a statement posted on its Twitter page on Tuesday.
It read: “The company’s legendary founder Charlie Mullins has moved on to embark on his next adventure.
“But the company remains a family affair under the stewardship of his son, CEO Scott Mullins.
“The acquisition by the world’s largest home service brand franchisor, with 10 million customers, is an international milestone and provides huge opportunities for growth, innovation and prosperity for both organisations.”