US Edition Mr Farage also identified Boris Johnson as a future Tory leader he would be willing to work with, raising the prospect of a so-called “Borage” partnership.
The Ukip frontman has previously ruled out any deal with the Conservatives while they are led by David Cameron.
Asked in an interview with The Telegraph if his eurosceptic party could work with Labour, Mr Farage said: “If we found ourselves in the position post 2015 where we could do a deal that could usher this country’s exit from political union in Brussels, we’d do a deal with the devil.”
The novel alliance would depend on Ukip winning its first seats in Westminster at the election in two years’ time. It could also raise eyebrows amongst the party’s supporters — many of whom are disaffected Conservatives.
One scenario being talked about by senior Ukip figures would see the party’s MPs abstain from key parliamentary votes if Labour was in power — but only if Mr Miliband’s party had committed to holding a referendum on Britain’s membership of the EU.
Labour have consistently refused to say whether they will agree to hold such a public vote in their 2015 manifesto. Ed Balls, the shadow chancellor, said recently: “We’ve absolutely not ruled out a referendum.”
A so-called “Borage” pact between Mr Farage and London’s colourful mayor may prove popular with Ukip’s membership.
Mr Johnson has made no secret of his contempt for the European Union or his concern that an influx of Bulgarians and Romanians next year will place the capital’s public services and housing supply under severe pressures.
“Boris is almost unique as a Conservative politician,” Ukip’s leader said.
“When he makes a public statement a lot of Ukip supporters say 'yes, I agree with that’.
“He is prepared to stand up for the City because he understands it’s not just about bankers - there’s a lot more at stake. Could we have a conversation with him? Of course we could.”
A friend of Mr Johnson said that the mayor held Mr Farage in “very high regard” and believes the Ukip leader would be a “good guy to have a beer with”.
However, the friend added: “I really can’t see any deal between the two coming off at this stage. Boris is committed to securing a Conservative victory at the next election and the best things for Ukip supporters is to vote Tory.”
Mr Farage suggested that he could work with Michael Gove, the Education Secretary, who is also spoken of as a future Conservative leader.
He was less flattering about Theresa May, the Home Secretary, who is said to be positioning herself to succeed Mr Cameron after the next election.
Ukip’s leader admitted any alliance with Labour would be “difficult” while the party was “run by Brownites” — the term used to describe former acolytes of Gordon Brown.
Mr Farage said he would find it easier to work with a Labour party led by Frank Field, the veteran backbencher who is co-chair of the cross party group on balanced migration, which has called for measures to prevent mass migraton of Bulgarians and Romanians next year.