The Australian actor, best known for his role as Scott Robinson in Neighbours, quipped that he thought his "terrible" attempt at an East End accent would see him sacked.
"EastEnders could be a fun move but to be perfectly honest, my East End accent is terrible," he told Bang Showbiz. "I think I would probably last five minutes in Albert Square."
He added: "I would definitely end up on the cutting room floor."
Donovan also insisted that, despite receiving offers, he is unlikely to ever return to Ramsay Street, which he left behind in 1989.
"The Neighbours thing is a bit like old shoes, they look nice so you don't want to quite get rid of them," he said. "But you'd never actually wear them out in the street again.
"There isn't a day in my life where I don't talk about it. Neighbours changed my life but I can't see myself going back to it."
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