The former Bachelorette contestant indicated earlier this year that he was unlikely to join The Bachelor, but was still recently tipped as a frontrunner by host Chris Harrison.
Luyendyk has now confirmed to Us Weekly that he declined an offer for The Bachelor in order to focus on his racing career.
"I've moved on from the Bachelor franchise and I'm doing well," he said. "When I was in that environment, I gained a lot of clarity on what I wanted to do in life and for me it really made me just focus on my career when I got out."
He added of racing: "That's my first love and I'm pursuing that right now."
Luyendyk also said that he would "never say never" to starring in his own reality series in the future.
Former Bachelorette star Sean Lowe and Olympic gold medallist Ryan Lochte have also been rumoured to be in contention for The Bachelor.
The series returns in January 2013 on ABC.