The four-time world champion has acted as an ambassador for Renault for several years, and was heavily involved last season in discussions about what the French car manufacturer should do in the future.
But although some consideration was made for Prost having a full-time role at Renault's new works outfit, he has made it clear that his Formula E commitments already take up enough of his time.
"It is quite clear now that I have decided I won't be involved at all in Formula 1," Prost told Motorsport.com.
"It doesn't make sense for me as I have a lot to do here in Formula E which I really enjoy and believe in.
"It is also strategic for Renault because they want to be with Formula E for a good amount of time which I think is very good for the future.
"I will stay as ambassador of the brand, so it makes sense for me because you cannot do a little bit of this and a little bit of that, it could create confusion with the management of the F1 team.
"So I prefer to do Formula E and the ambassador role, which I'm happy with."
Channel 4 link
Speculation has recently linked Prost with a potential analyst role for Channel 4's coverage of F1.
While insisting there was nothing sorted on that front, the Frenchman said he was open to new broadcasting opportunities if they were available.
"There is nothing done with UK TV [Channel 4] but it could be nice," he said. "I will continue with Canal + as usual for sure.
"I do not know why people are talking so much about UK TV, maybe it is because I am friends with David [Coulthard], but we see what the future holds."
Interview by Sam Smith
This article by Jonathan Noble originally appeared on Motorsport.com, the world's leader in auto racing news, photos and video.