The Aussie supermodel and Commonwealth Games champion athlete Steffensen were reportedly approached to join the list of celebrities in the 2012 season of the reality television series, but declined due to previous engagements.
Steffensen told the Herald Sun: "I would love to participate in Dancing with the Stars, but my athletics career is first and foremost, with my eye on the major prize - that being this year's Olympic Games.
"2013 is another story, and I would be willing to talk with Seven about that when the time is right."
Hart is believed to have considered the job offer, but has decided to dedicate herself to her modelling career.
Celebrities currently rumoured to be in the running for Dancing with the Stars 2012 include Home and Away actress Rhiannon Fish and former breakfast television presenter Kim Watkins.
Last year's Dancing with the Stars was won by My Kitchen Rules judge and celebrity chef Manu Feildel, while WAG Haley Bracken - who is married to cricketer Nathan Bracken - was awarded second place.
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