Billups, a five-time All-Star who played 17 seasons in the NBA, discussed the position with the team twice since what was described as a mutual parting with general manager David Griffin.
"As I have conveyed before, ultimately I would like to lead a team's basketball operation and be a part of a successful franchise," Billups told ESPN on Monday. "But presently, the timing just isn't right to delve into that role in Cleveland. In the meantime, I will continue to focus on broadcasting and my other business endeavors."
Adrian Wojnarowski first reported via ESPN on Monday that Billups, 40, would not be a candidate for any role in the Cavaliers' rebuilt front office.
As it stands, assistant general manager Koby Altman runs day-to-day operations for the Cavaliers.
Billups has worked in broadcasting -- he intends to remain working as NBA analyst with ESPN -- and also interviewed for a position in management with the Atlanta Hawks.