The 30 Rock star and Amy Poehler earned rave reviews for presenting the Golden Globes in January, leading to a joke in the Oscars opening monologue from William Shatner that the ladies would have made much better hosts than Seth MacFarlane.
In a recent interview with The Huffington Post, Fey said it would be far more intimidating to present the Oscars than it was for the slightly lower-profile Golden Globes.
"I just feel like that gig is so hard. Especially for, like, a woman - the amount of months that would be spent trying on dresses alone... no way," the Admission actress explained.
Fey went on to admit that she was surprised to have been mentioned by Shatner in his sketch with Oscars host MacFarlane during Sunday's ceremony.
"It's an honour to be 'Shatnered'," she teased.
Ted star MacFarlane has also ruled out a return hosting stint on the Oscars next year.
Fey next appears on the big screen opposite Paul Rudd in the romantic comedy Admission, opening on March 22 in the US.
A UK release date for Admission has not yet been announced.
Photo gallery - the Oscar ceremony highlights: