Trump said this during a close-door meeting with top Republican fundraisers and supporters, according to CNN, which obtained a copy of his remarks.
"He's (Xi) now president for life. President for life. No, he's great. And look, he was able to do that. I think it's great. Maybe we'll have to give that a shot someday," Trump said.
According to CNN, Trump's address to his fund raisers and supporters was full of jokes and was delivered in a lighthearted manner.
In the US, a president can serve for a maximum of two four-year terms.
In his remarks, Trump decried the current electoral system which he had repeatedly slammed as being "rigged" in the 2016 presidential campaign.
"I'm telling you, it's a rigged system folks," Trump said.
"I've been saying that for a long time. It's a rigged system. And we don't have the right people in there yet. We have a lot of great people, but certain things, we don't have the right people," he was quoted as saying.
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