Maldini was strongly linked with a return to the San Siro, where he played 849 games for the Serie A giants during his career.
However, after talks with general manager Marco Fassone, Maldini decided to turn down the opportunity to take up a technical director role at the club.
Maldini has denied salary issues were the cause of his decline of the offer and feels it was just not the right time for him or his family to return.
He explained Facebook: "'Of course, it would be much easier to follow the excitement of the proposal and say yes, without thinking of the possible consequences and go headlong into this new adventure. But no, I can not, I have to respect the values that have accompanied me throughout my life, I have to respect the many fans that have been identified over the years in me a passion, will and seriousness, I have to respect Milan and myself."