An aide to the Kentucky Republican's campaign said he would donate the money to the Wayside Christian Mission, The Hill reported.
With the announcement, McConnell is the highest-ranking senator to distance himself from Stevens, who faces seven felony charges for not revealing on his financial disclosure forms more than $250,000 in gifts received from an Alaskan oil services company.
GOP senators whose seats are considered at risk -- Gordon Smith of Oregon, Susan Collins of Maine, John Sununu of New Hampshire and Elizabeth Dole of North Carolina -- said they plan to return thousands of dollars they received from Stevens during this election cycle, the Washington publication said.
Others who seem to have safe seats, such as Sen. Pat Roberts of Kansas, also said they would be donating money they received from Stevens.
Sen. Norm Coleman, R-Minn., has not donated Stevens' money, but told reporters he probably would to guard against attacks by Democrats.