The Spaniard, whose side produced an incredible comeback from 10-4 down to clinch a truly astonishing win over the United States by 14.4 to 13.5, claimed there were a host of other deserving candidates to captain the team at Gleneagles in 2014.
When asked about staying on as skipper Olazabal said: "I can assure you that's going to be a no, period."
He pointed to the likes of Darren Clarke, Paul McGinley and Thomas Bjorn, three of his vice-captains, as well as Scot Paul Lawrie, Lee Westwood and Padraig Harrington as viable contenders for the role.
"There are a lot of players who should have the opportunity to be in my spot," he said.
"It would be unfair of me to just name one for the next Ryder Cup. All of them deserve that position."
Olazabal hailed his team's fightback as "extraordinary" as he revealed the drama of the final day made him feel "alive".
"(Being captain) is difficult, in a way it's torture," he said.
"It's really tough on your nerves, but that's the beauty of the Ryder Cup.
"It's a huge adrenaline flow and that's what we live for to be honest – the pressure, the tension, the adrenaline flow makes us feel alive."
The Spaniard added: "I don't know if it's a miracle, but it's something extraordinary to be honest. We haven't seen that before.
"What the players achieved that day was just amazing. It's up to you to decide if it's the greatest moment or the greatest comeback in history but they (the players) deserve all the credit.
"We have this wonderful trophy here with us because of the huge achievement of those 12 men. They didn't stop believing and the performance they showed on Sunday was just incredible."
The captain has been inundated by messages from the likes of Rafael Nadal and also the King of Spain.
"He was, like me, pretty much over the moon," said Olazabal. "That was a nice one."
The 46-year-old revealed there was one moment on Sunday when he could sense victory was within reach.
HE revealed: "Saturday afternoon was crucial, those last two matches were crucial for the outcome of the cup.
"On Sunday there was a moment which was quite special. I was standing on the 12th tee waiting for Lee (Westwood) to come on to the tee and I looked at the board and at that point all five matches had already been won by us.
"Lee came on to the tee and asked how we were doing. I had done my maths and knew we still had a chance of winning it and I had to walk away, I was very emotional at that point."
The Spaniard was even able to take Rory McIlroy's poor time-keeping in his stride.
Thinking that his match with Keegan Bradley started at 12.25pm instead of 11.25am, McIlroy was still at the team hotel when he got a panicked phone call telling him he had 25 minutes to get there.
The world No.1 had the tee times on his phone in Eastern time, while Medinah is on Central time.
Olazabal added: "Luckily enough a police car was there and he made it on time. It was no surprise at all he managed to win his point."