Pinkett would be on the ticket with current New Jersey Gov. Jon Corzine, who "has been actively searching for an African American running mate," according to the website.
Corzine stepped down from his seat as a U.S. Senator after being elected Governor in 2006, and he is currently running for re-election.
He could announce his Lt. Governor candidate as early as this week in anticipation of President Barack Obama attending a Corzine campaign rally at the PNC Arts Center in Holmdel, PolitickerNJ.com reported.
New Jersey State Senators Barbara Buono and Loretta Weinberg are also currently being considered as running mates by Corzine.
The 38-year-old Pinkett defeated Rebecca Jarvis during The Apprentice's Fall 2005 fourth season and subsequently began working for Trump Entertainment at The Donald's Atlantic City casino.
He is currently the chairman and CEO of BCT Partners, a Newark, NJ-based management, technology and policy consulting firm.