The 40-year-old rapper thinks America's first black leader is a great dad and he would be proud to be his son.
P. Diddy – real name Sean Combs – said: "I ain't going to lie – if God said I could pick one person to be my father, I'd want to be Sean Combs Obama.
"That's how dope he is. I hope he reads this interview and adopts me. I wouldn't even have to be in the will. I got my own money!"
P. Diddy also believes hip-hop may have played a part in the Democratic senator winning the race for the White House.
He said: "I think we are probably responsible for Obama being in office, yes… the confidence, the swagger we instilled in our communities made that possible."
Meanwhile, it has been reported P. Diddy is set to marry the mother of his children Kim Porter, even though he is still living with his 23-year-old girlfriend Cassie Venture.
A source said: "He is ready to marry Kim in the New Year and there is no stopping him.
"He has bought her a 12-carat diamond engagement ring and has given Cassie her marching orders."
However, the rap superstar – who has three children, 11-year-old Christian Casey and two-year-old twins D'Lila Star and Jessie James, with Kim – has already denied the claims.
His spokesperson said: "This rumour happens every year - it isn't true."