Former Liverpool and England captain Steven Gerrard says MK Dons' managerial vacancy came "a bit too soon" for him.
The 36-year-old midfielder, who is leaving MLS side LA Galaxy, told BT Sport he held talks with the League One club after Karl Robinson's departure.
"It's a very exciting job for someone else," said Gerrard, who made 710 appearances for Liverpool.
He has been linked with moves to Celtic and Newcastle United, as well as a return to Anfield as a coach.
England's fourth most-capped player left Liverpool in 2015 after 17 years in the first team, during which he won eight major trophies.
Gerrard is working towards his Uefa A coaching licence - the second-highest qualification available.