The 43-year-old actor has been widely tipped by bookmakers to take over the role when Daniel Craig leaves the film series.
Elba, who is currently on the big screen in Star Trek Beyond, told ABC's Good Morning America: "I think I'm too old for that.
"Running around in cars and ladies and martinis, who wants to do that? Sounds terrible."
The oldest actor in the film's history to have taken on the role of James Bond was Roger Moore, who was 45 when he appeared in his first film - 1973's Live and Let Die.
Elba, famous for his roles in Luther and The Wire, said he has not been contacted by the James Bond team about the possibility of joining the franchise.
"I keep saying if it were to happen it would be the will of a nation because there haven't been any talks between me and the studio about any of that," he said.
"But everywhere I go people want that to happen."
Elba is one of the favourites to step into Craig's shoes, with bookmakers naming him, Tom Hiddleston, Aidan Turner and James Norton as the frontrunners.
Bond producer Barbara Broccoli is currently working on other projects - including Film Stars Don't Die in Liverpool, which will star Jamie Bell and Annette Bening.
It is not yet known when the next James Bond film - the 25th in the franchise - will begin production.