Yesterday, Media Matters noted in response to the media's freak-out over Joe Sestak's claim that he was offered a job by the Obama administration, that The Atlantic's Marc Ambinder reported, “In 1981, President Reagan offered S.I. Hayakawa, then California's senior senator, a job if he declined to run for reelection. We know this because Reagan's chief political adviser admitted as much on the record.”

A November 25, 1981, Associated Press article (accessed via Nexis) supports Ambinder's reporting. From the article:

Hayakawa's 'Not Interested' in Any Reagan Job Offer

Sen. S.I. Hayakawa on Wednesday spurned a Reagan administration suggestion that if he drops out of the crowded Republican Senate primary race in California, President Reagan would find him a job.

“I'm not interested,” said the 75-year-old Hayakawa.

“I do not want to be an ambassador, and I do not want an administration post.”

[...]

In an interview earlier this week, Ed Rollins, who will become the president's chief political adviser in January, said Hayakawa would be offered an administration pot if he decided not to seek re-election. No offer has been made directly to Hayakawa, Rollins said.

Similarly, Hayakawa said in a statement, “I have not contacted the White House in regard to any administration or ambassadorial post, and they have not been in contact with me.”