Manager Paul Warne had met with the player regarding a potential deal but Marshall, who has been a free agent since July, isn't keen on a move to South Yorkshire.
The 28-year-old winger was released by Norwich in July and has previously played for Leicester City and Wolverhampton Wanderers after spending his youth career with Manchester United and Crewe Alexandra.
"I don't foresee it happening," Warne said.
"I had contact, and went and met with him and his agent. We thought he was going to come in but at this moment in time it is not something he wants to do.
"So, that won't be revisited anytime soon."
Warne does have his eye on a few unnamed targets if the Millers are hit with any unexpected injury problems in the coming weeks.
Rotherham have handed a first senior deal to 18-year-old Jacob Gratton and the Millers are unlikely to bring any more players into their first-team squad before the end of January.
The United academy product is set to join Scarborough Athletic on a one-month loan deal, subject to EFL ratification.
"With new signings it usually takes about 10 games for them to really get it," added Warne.
"So, if I have got a fully fit squad then there is no point bringing in extra players. And if I can't get the best out of them until March or April, then it is pointless.
"We have still got a bit of time, if there is an issue then there are a couple of players on my radar.
"But at the moment I am pretty happy."
He added: "If the injuries keep progressing the way they do and I don't have any other issues, then I would be happy.
"But you have also got to allow for the unexpected. I run a small squad, which is how I like to do it.
"They are a close group which is worth something."
Meanwhile, Joshua Kayode has joined League Two side Carlisle United on loan until the end of the season.
A number of clubs had been interested in the 19-year-old's services but Warne felt that Carlisle was the best destination for the youngster.
He spent the first half of the season on loan at Gateshead and has recently signed a new deal at the New York Stadium.
Warne said: "He has done really well. He has scored goals and he needs to play men's football.
"He has held his own really well, we have watched all his games, all his goals and his reports were really good.
"And we got him back, got him a new contract and this is the next stage of his development."