No Return of the Mac at Upton Park
The former England boss is eager to return to work after being sacked by Wolfsburg in February and was considered to be one of the frontrunners for the job.
However, in a statement to Sky Sports News the 50-year-old revealed he does not want to be in the frame for the Upton Park role.
'It is very flattering to be linked with a club of West Ham's size and historic stature, also one that has tremendous fans,' he said.
'However, at this moment in time I do not wish to be considered for the position. But I wish everybody at West Ham all the very best for the future.'
Chris Hughton and Sam Allardyce have also been linked to the position, with West Ham co-owner David Gold saying the club are eager to appoint a new manager as soon as possible.