The 42-year-old Community star and The Soup host addressed the rumors Tuesday when he stopped by The Howard Stern Show. Ferguson has hosted the late night program since 2005, but recently announced that he will not renew his contract in December. Early rumors suggested McHale as a potential replacement.
"I'm surprised he's leaving, but no one's called [me]," McHale tells Stern. "I don't even know if I could do it with Community. I'm under contract. I don't think legally I could."
Community airs on NBC, while The Late Late Show is on CBS. Rare exceptions allow performers to appear on a rival network's program, but only for a minor appearance like a guest spot.
"Craig is so damn good at it," the actor continues. "He makes gobs of money, he doesn't have to do anything anymore. His stand up [career] is huge. He's world famous when it comes to his stand up. He makes way more money doing that than he does with his late night show."
One event McHale will host, however, is the 2014 White House Correspondents' Association dinner. The event takes place May 3 in Washington D.C.