The show underwent an internal investigation which resulted in the dismissal of three producers while DeGeneres herself recently apologised when the programme returned to screens.
Although Corden had been tipped as a replacement, he put the suggestion to bed during a game of 'Spill Your Guts or Fills Your Guts' on The Late Late Show.
The premise of the game sees the Gavin and Stacey star exchange probing questions with a celebrity guest, with participants either choosing to give an honest answer or eat the unappetising fare in front of them.
Corden didn't consider avoiding the question when it was put to him by Alicia Keys as he said: "Happily, I'll answer the question. Genuinely, I have no idea where that even came from.
"I think somebody started a rumour somewhere and someone jumped on it. There is absolutely no truth in that story at all, zero."
"And, as far as considering it, I think it would be a really crazy thing to take over from someone who I think has done the job so outrageously well for like 18 years," he went on.
The Cats actor added that he wouldn't consider the possibility as when The Late Late Show "comes to an end" he wouldn't want to host a show everyday.
The Ellen Show returned with its 18th series earlier this week with the host addressing the controversy surrounding the programme off the bat in her opening monologue.
She said: “As you may have heard, this summer there were allegations of a toxic work environment at our show and then there was an investigation.
“I learned that things happened here that never should have happened. I take that very seriously and I want to say I am so sorry to the people that were affected.”
Watch: Ellen DeGeneres apologises following claims of ‘toxic work environment’