"I want to remain active in club football in Europe," Slot told De Telegraaf. "And that wasn't decided today."
The confirmation came a day after the Algemeen Dagblad first reported that Slot would not take the Oranje job, with the paper adding that the 47-year-old favoured a longer-term future in club football.
Slot had been widely tipped as the KNVB's preferred candidate to succeed Ronald Koeman, who left after the Netherlands' round-of-16 exit to Morocco on penalties at this summer's World Cup.
NRC had reported that the federation had a contract on the table running to the middle of 2030, while Slot was said to favour a shorter deal covering only until Euro 2028 — a gap that, until now, had not appeared to be a dealbreaker.
It had also emerged that Liverpool were prepared to top up Slot's salary in his first year at the KNVB to make up the difference from what he would have earned at Anfield, a sign that talks had reached a fairly advanced stage before his decision to step back.
Slot has been out of work since his dismissal by Liverpool in May, following a disappointing season after winning the Premier League in his first year in charge.
He has since been linked with AC Milan and Fulham without an agreement being reached, while Saudi club Al-Ahli also explored signing him as a replacement for Matthias Jaissle, who is set to join Newcastle United; Slot made clear he had no interest in a move outside Europe.
With the position still unresolved, the KNVB is running short on time — Oranje open their Nations League campaign against Germany on 24 September, a fixture that will be led on the opposite bench by newly appointed coach Jürgen Klopp. Peter Bosz, who recently extended his contract at PSV, and Erik ten Hag, currently unavailable, had also been mentioned as alternatives, while Jong Oranje coach Michael Reiziger is understood to be among the names now under consideration.