The Rolling Stones had been rumoured to be a part of Danny Boyle's Olympics opening ceremony, but Jagger denied those claims last autumn.
The frontman appeared on ITN to discuss the Rolling Stones' 50th anniversary this week and revealed that the band simply couldn't commit the time to perform at the London games.
"I didn't think, to be honest, we were quite stage-ready," Jagger admitted.
He continued: "We haven't played in a long time and we weren't really stage-ready, and it's a very big gig and it's very risk-taking. I didn't think the band themselves felt they were really ready to do it at this point."
Jagger went on to hint that the Rolling Stones will likely headline some live gigs in honour of their anniversary later in the year.
"We hope we're going to do some gigs this year. We haven't actually finalised them, but we hope we're going to do some gigs," the singer explained.
"We've done rehearsing, hanging out together and all that discussing so you know we've been seeing each other quite a lot."
The Rolling Stones gathered earlier this week at London's Marquee Club, the site of their very first gig.
Keith Richards previously confirmed this week that the band recently began rehearsing for live gigs.
Watch The Rolling Stones perform 'You Can't Always Get What You Want' below:
Rolling Stones - history in pictures: photo gallery