The last environmental football in the 1984 political campaign has been passed to President Reagan, who apparently has decided to let the clock run for awhile.

Legislation that would tighten federal control over the disposal of hazardous waste arrived at the president's desk last Monday. Reagan has not yet signed the bill, however, and White House officials have put out the word that he won't act on it until after the election.

Sponsors of the bill, a renewal of the Resource Conservation and Recovery Act, worry that Reagan will then veto it as an unwarranted intrusion on private business.

Environmental Protection Agency officials belittled the speculation. An aide to EPA Administrator William D. Ruckelshaus said the agency has told the Office of Management and Budget that the bill ought to be signed "and Ruckelshaus' expectation is that it will be signed."

Reagan has until Friday to sign the bill. It is the only one of 10 major laws that the EPA is responsible for enforcing that is to be revised or renewed under the Reagan administration. The measure would close several loopholes in the toxic-waste disposal law and would bring thousands of small businesses under regulation for the first time.