Sir Michael had been considered the frontrunner to replace the incumbent, Marcus Agius.
Mr Agius quit earlier this month due to the Libor fixing scandal, but then had to step up to become interim executive chairman following the departure of chief executive Bob Diamond.
The news was announced by Easyjet, for whom Sir Michael is chairman.
He is also chairman of BT Group.
Easyjet said that Sir Michael had informed its board and Mr Agius that he did not wish to be a candidate to fill the vacancy at Barclays.
It may mean that Mr Agius has to stay on even longer than originally planned while a successor is sought.
Mr Agius, Mr Diamond and Barclays chief operating officer Jerry del Missier all stepped down at the beginning of July after the bank was fined £290m by the UK and US regulatory authorities for manipulating Libor - a key benchmark interest rate in the global financial markets - over many years.
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