Saints are on the lookout for a new manager after Burley ended his two-year reign to take the job as Scotland boss on Thursday.
But Hoddle, who managed the south coast club briefly during the 2000/01 campaign and successfully kept the cub in the top-flight, has ruled out making a return.
The former England manager is currently working on an academy project in Spain.
"At the moment I am right in the middle of getting my academy up and running in Spain," he told the Daily Express.
"While I am flattered to be linked to a return to Southampton, it isn't right for me now.
"If it was not for the academy, I would definitely give it serious consideration.
"But the academy is very important to me. I have been developing it for 14 months and am talking to potential investors."