The former Liverpool manager, 47, confirmed he held discussions with the Royal Dutch Football Association over replacing Ronald Koeman, but chose to withdraw because his next move needs to be back on a training pitch rather than in an international dugout.
"Over the past few weeks, and particularly the past few days, various reports have appeared regarding the vacancy at the Dutch national team, suggesting that I had withdrawn from the process after lengthy negotiations, including regarding salary and contract duration," Slot told Voetbal International.
"That speculation is incorrect. We simply never reached that stage of the talks."
Slot guided Liverpool to their 20th league title in his debut season at Anfield, only to see the Reds slide to a fifth-place finish before he was sacked on 30 May. Koeman had stepped down from his second spell in charge of the Netherlands after their last-32 penalty shootout exit to Morocco at the World Cup in June, immediately putting Slot's name at the top of the KNVB's shortlist given his stock as a Dutch coach fresh out of the Premier League.
"At this stage of my career, I prefer to see myself on the training pitch with my players every day. Something that is simply not possible in the same way with a national team," Slot explained.
"And why I chose not to continue the talks and not to start negotiations on what a possible contract might look like. I have enormous respect for the national team and for the KNVB and can only be positive about the professional manner in which the talks proceeded that week. For now, I believe that club football still has a lot to offer me."
He stopped short of ruling out international management altogether, adding: "It would be a great honour to represent my country as national coach one day. However, this was not the right moment for me."
With Slot out of contention, the KNVB have turned to a considerably more unexpected name. According to De Telegraaf, technical director Nigel de Jong has held talks with Roberto Martinez, who left his role as Portugal manager after their World Cup last-16 exit to eventual champions Spain.
Should the appointment go through, Martinez would become the Netherlands' first foreign head coach in 48 years, since Austrian Ernst Happel led the country to the 1978 World Cup final.
De Telegraaf note that Martinez is a close friend of Jordi Cruyff and a long-standing admirer of the football philosophy laid down by Johan Cruyff, factors thought to have eased any concerns over appointing a manager from outside the Netherlands.
It would mark a third venture into international football for the Spaniard, following spells in charge of Belgium and Portugal that both ended in disappointment despite working with talented squads on both occasions.