The 43-year-old actor had been tipped by bookmakers to take over from 48-year-old Daniel Craig, who is expected to exit the franchise after 10 years as the MI6 agent.
But Elba told Good Morning America: “I think I’m too old for that.
“Running around in cars and ladies and martinis, who wants to do that? Sounds terrible.”
With news that the next Bond film may not be released until late 2018, Elba would be 45 when he took on the role - the same age as Roger Moore when he became the oldest actor to take on 007 in 1973’s Live And Let Die.
Craig has not officially quit as Bond, but he said last year that he would “rather slash my wrists” than return for the 25th movie in the series.
Skyfall and Spectre director Sam Mendes has confirmed he will not be returning.
Bookmakers William Hill have American Hustle actor Jack Huston as frontrunner at odds of 3/1, followed by Poldark’s Aidan Turner and War And Peace star James Norton as joint second favourites.
Tom Hiddleston has dropped to fourth, while 53-year-old Colin Salmon has jumped ahead of Elba as fifth in line.
The delay in filming is due to producer Barbara Broccoli working on two other films first, and also because she allegedly wants time to convince Daniel Craig to sign back up.
A source told The Sun: “Barbara is not going to be rushed into a Bond and wants to work on two other film projects next year.
“It will give her time to work out a script and try to convince Daniel to maybe return.”
Broccoli is currently in London making Film Stars Don’t Die with actor Jamie Bell, who was at one point one of the favourites to be the next 007.