On Tuesday night's "Watch What Happens Live," Shields was explaining a photo from 1992, where the duo met at a charity event.
"He did ask me out later," she said about the meeting. "I didn't go out. He called me, I was on location doing a movie, and he called me right after he had gotten a divorce."
"He said, 'I really think we should date because you're America's sweetheart and I'm America's richest man, and the people would love it,'" Shields said.
The exchange, she said, was right after Trump split from ex-wife Marla Maples, to whom he was married from 1993 to 1999.
Shields, 52, said she turned him down graciously by saying, "I have a boyfriend, I don't think he's really going to be happy about it."
ABC News' request for comment from the White House was not immediately returned.
Shields isn't the first celebrity to say she was asked out by or a had a date with the current President, who was in celebrity circles for decades.
Emma Thompson said in March that she, like Shields, did not go on a date with Trump, but was asked. She was working on the film "Primary Colors," which came out in 1998, and said she got a call in her trailer while filming.
"So, I lift up the phone, 'Hi! It's Donald Trump here,'" she said. "I said, 'Really?'"
She said Trump offered to take her out to dinner, but Thompson said, "I'll get back to you."
Though they never went on a date, she said, "I wish I had! Think of the stories!"
Some actually did go out with Trump in the past. Candice Bergen opened up last year about a blind date she went on with Trump back when she was in college. Both were students at the Wharton School of Business in the 1960s.
She had mostly nice things to say about the current President.
"I just remember that he was wearing a three-piece burgundy suit and burgundy boots. He was very coordinated," Bergen told People magazine. "He's always been very nice to me since."
Trump confirmed the date, telling the Boston Globe, "She was so beautiful. She was dating guys from Paris, France, who were 35 years old, the whole thing. I did make the move. And I must say she had the good sense to say, ‘Absolutely not.'"