"I could not recreate what we have," Leno said in an interview which aired Sunday night.
The New York Post quoted the funny man as saying he would be interested in working with a cable outlet such as the History Channel, but has no definite plans yet.
Leno is to end his 22-year run as "Tonight" host Feb. 6. Jimmy Fallon will take over the program in mid-February after the Winter Olympics.
Asked if it was his choice to leave now or if he would have preferred to stay, Leno said it was the network's decision to replace him and he would have continued on the show if it was up to him.
He went on to say he thinks Fallon is very talented and has his blessing as the show goes forward.