The Thelma & Louise star, 67, admits she never had the nerve to strip off for the racy men's magazine during her youth, despite happily showing skin in numerous sex scenes for films such as Pretty Baby, The Hunger, Bull Durham and White Palace.
However, the one time she felt confident enough to shed her clothes for Playboy, when she was expecting her daughter, Eva Amurri, in the 1980s, they weren't interested.
She says, "You know, they haven't asked me in about five years. They used to ask me on a regular basis and I wanted to do it when I was pregnant, but they weren't game - that was before everyone else started doing it pregnant."
And now Sarandon has sons to consider, she accepts her opportunity has come and gone.
The Oscar winner explains, "When Lincoln Center (in New York) did a thing (career retrospective) and they showed a lot of (her old film clips), my sons were (horrified). They said, 'Didn't it ever occur to you that you would have children?' And then I asked my youngest, 'Are you Ok?' And he said, 'Yeah, but scarred mum.' So at this point I can't really say I didn't know where they stood so it's not worth it. I'm really not that interested anymore."