The Hellboy director has been one of many rumoured contenders to oversee the next Star Wars instalment, which is being written by Toy Story 3's Michael Arndt.
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Del Toro recently told IndieWire that he was approached about the project, but couldn't fit it into his schedule.
"We got one phone call to my agent saying, 'Is Guillermo interested?' And basically I have so much stuff already of my own, and I'm pursuing stuff that I'm generating already," he revealed.
The filmmaker went on to admit that he was flattered to have even been considered for the highly-anticipated film.
"It was just a phone call, it didn't go past that, it was very nice to be asked, but believe it or not, I'm busy enough," he said.
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Star Trek Into Darkness's JJ Abrams also recently revealed that he turned down Star Wars Episode 7, while Wes Anderson has also ruled himself out as a contender.
George Lucas has said that he won't "have much to do" on the movie, other than retain an advisory role.
Star Wars Episode 7 is expected to be released in 2015.
Photo gallery: 'Star Wars' franchise
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