The Guardian has supported the Labour Party consistently in elections dating back years, but under the premiership of Tony Blair the paper has consistently clashed with New Labour.
Speaking as part of the Orange Word season in London last night, Rusbridger said the change in allegiance would be dramatic, but did not rule it out, saying there was every chance that it might come about.
The Guardian has a long history as what Rusbridger described as being a "small l" liberal paper, dating back to when it was founded in 1821 as the Manchester Guardian. The paper had to wait another 72 years for Labour to come along. The party was founded in 1893 as the Independent Labour Party.
"The Guardian is a small 'l' liberal paper and has, at many times in its history, supported the big 'L' Liberals.
"I think you only have to read the paper to see that we have a lot of worries about the conduct of the New Labour government."
He said that any decision about which party the paper supported would be decided "collegiately".
As an indicator, however, there was the recent Hartlepool by-election in which the paper backed the Lib Dems. Labour fought off that challenge to hold on to the seat vacated by Peter Mandelson.
Since the emergence of New Labour, switches in newspaper allegiances have not been uncommon.
Former Conservative papers The Times and The Sun came on board to back Blair, while the Daily Express switched back to its historic Tory roots.
The Daily Mirror could have been another paper considering its political line. It was, like The Guardian, a critic of the war in Iraq.
If The Guardian does change its political spots it would be following in the wake of its rival The Independent, which with its new tabloid vigour has been chasing The Guardian's claim to the paper of the centre left.
The Independent has been closely linked with the Lib Dems, with editor Simon Kelner attending the party's recent conference.
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