The 35-year-old Formula 1 star, who was strongly tipped to be joining Chris Evans as a presenter on the BBC motoring show, has renewed his contract with McLaren Honda for the 2016 racing season instead.
In a statement he hinted at the possible ‘Top Gear’ presenting role, saying he was ‘in two minds' about his future.
"Over the past month or so I have done quite a lot of thinking, and it is no secret that I was at one point in two minds about my future," the statement reads.
Jenson announced his new racing contract on Twitter, writing: “I’m very pleased to announce I will be racing with #MclarenHonda in 2016. #dedication #believeinMclarenHonda.”
Jenson had previously appeared as a guest on ‘Top Gear’ when it was helmed by Jeremy Clarkson, Richard Hammond and James May.
Chris Evans was announced as Jeremy Clarkson’s replacement earlier this year, after signing a three-year, multi-million pound deal.
Chris Evans has been confirmed as the lead host and co-producer of the revamped 'Top Gear'
Other celebrities rumoured to be joining the Radio 1 Breakfast Show host on the presenting team include Zoe Ball, former ‘X Factor’ host Dermot O’Leary, motorbike racer Guy Martin, ‘Life On Mars’ actor Philip Glenister and Chris’s ex girlfriend Holly Samos.
Model and self-confessed petrol head Jodie Kidd has already ruled herself out of the running, saying: “If I were to accept Top Gear it would be completely all-consuming. Top Gear is the most brilliant show on this planet but it would just take over your soul.”
The rebooted show is expected to be broadcast in autumn next year.