Liverpool legend Gerrard, who is considering his next career step after his time with MLS giants LA Galaxy came to an end, was linked with a shock move to the League One strugglers following the sacking of Karl Robinson.
But the 2005 Champions League hero has revealed he decided not to take up the offer given to him by Stadium MK bosses.
Asked about the links with MK Dons, Gerrard told BT Sport: 'I spoke to them, I had a chat with the chairman and I think it's a really exciting job for someone else.
"It's a bit soon for me, but it's true I did speak to them.