Murkowski, up for reelection in 2010, is nervously awaiting word on whether John McCain’s former running mate will run against her in the GOP primary. But she says Palin is the one who should be nervous.

“I can guarantee it would be a very tough election,” Murkowski said in an interview…

Murkowski says a run against her would be fraught with risk. If Palin lost, her stock would drop just ahead of a potential 2012 presidential run. And if she won, she’d be a backbencher in a chamber that is dominated by seniority — and would have to begin her presidential campaign as soon as she took office.

“If she wants to be president, I don’t think the way to the presidency is a short stop in the United States Senate,” Murkowski said…

As Murkowski’s tense talk suggests, the politics between the two women is personal. Palin won the governor’s race in 2006 by defeating Frank Murkowski, the senator’s father. On the presidential campaign trail this year, Palin crowed about upending the “old boys network” in Alaska.