Joseph P. Kennedy III, whose name frequently comes up as a possible candidate for Massachusetts lieutenant governor, says he has no immediate plans for a political career. The 33-year-old son of the late Robert F. Kennedy, who is president of a company that sells low-cost fuel, said he has not entirely ruled out running for office someday . . .

Tennis star Bjorn Borg and his live-in girlfriend Jannike Bjorling had a son Wednesday in Stockholm. The 29-year-old Borg met Bjorling, 18, at a beauty contest in Stockholm last summer. Borg was previously married to Romanian tennis player Mariana Simionescu. The child does not have a name yet . . .

That was Muhammad Ali walking around Charlottesville this past week. He visited a home for abused children and has a personal tie to the area since he owns a farm in nearby Nelson County . . .

The Albert Einstein Peace Prize Foundation announced yesterday that it will award its $50,000 International Peace Prize to former West German chancellor Willy Brandt at a Washington luncheon. The award will be presented here Nov. 13, just a week before the summit meeting between President Reagan and Soviet leader Mikhail Gorbachev. Previous winners include former Canadian prime minister Pierre Elliott Trudeau, Cardinal Joseph Bernardin and former secretary of defense Robert McNamara . . .

It seems that it was only yesterday that chubby cheeks Prince William was crawling around the palace breaking things. Now the 3-year-old son of Prince Charles and Princess Diana is off to school. His father has asked the British media, as Queen Elizabeth did for him, to allow William to have his privacy . . .