The musician released an open letter on Wednesday evening (April 11) "respectfully" declining the honour.
Rose said: "I won't be attending The Rock and Roll Hall of Fame Induction 2012 ceremony, and I respectfully decline my induction as a member of Guns N' Roses to the Rock and Roll Hall of Fame. I strongly request that I not be inducted in absentia and please know that no-one is authorized, nor may anyone be permitted to accept any induction for me or speak on my behalf.
"When the nominations for the Rock and Roll Hall of Fame were first announced I had mixed emotions but, in an effort to be positive, wanting to make the most of things for the fans and with their enthusiasm, I was honoured, excited and hoped that somehow this would be a good thing. Of course I realised as things stood, if Guns N' Roses were to be inducted it'd be somewhat of a complicated or awkward situation."
Rose added that he does not feel he would be "wanted or respected" at the April 14 induction ceremony in Cleveland, Ohio despite ongoing discussions with the Rock and Roll Hall of Fame's board and president.
Keyboard player Dizzy Reed had suggested earlier this year that all the Guns N' Roses members from the Appetite for Destruction era would be present for the ceremony.
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Watch the music video to Guns N' Roses' version of 'Live and Let Die' below: