Despite ABC's objections to showcasing Jimmy Kimmel's late-night rival, we heard that Fallon was in the running, but the NBC star confirmed he is NOT considering the offer during an appearance on The Today Show.
"No, I'm not going to do the Oscars. It's an honor to be asked by the Academy, but it's not my year."
In the interview (above), it's hard to tell whether he's a little sad to share the news or just wasn't ever enthusiastic about the opportunity to begin with.
Either way, we can definitely see Fallon hosting the Academy Awards at SOME POINT in his flourishing career.