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The 43-year-old former Rangers coach has been out of a job since stepping down as Aston Villa manager in October.
The former captain of Liverpool and the English national team, Steven Gerrard, was photographed in Saudi Arabia in early June and reportedly received an offer from Al-Ettifaq.
"I was invited to Saudi Arabia to analyze a potential offer, and that's what I did," he began by saying.
Speaking to Channel 4 ahead of England's Euro 2024 qualifier against North Macedonia, Gerrard added: "I've been looking into the situation for the last few days. But at the moment I'm not going to accept that offer."
Gerrard has led Villa to 13 wins from 40 games during his 11 months in charge of the Birmingham club after joining from Rangers in November 2021.
