In a statement on social media, Mr Frydenberg said he was not "rushing back to ".
"My position on contesting the next election remains unchanged," he said.
"I will continue to support the Liberal Party and our local candidate Amelia Hamer."
Earlier, several of Mr Frydenberg's Liberal colleagues trashed the idea of him reclaiming Kooyong, suggesting if he was interested he could have run in March.
A furious Charlotte Mortlock, who chairs a group dedicated to aiding more women to win pre-selection for the Liberals, said it would be unacceptable to "turf out a woman" for Mr Frydenberg.
Former minister Karen Andrews however said the Victorian branch of the Liberals should find a way to bring Mr Frydenberg back into the fold, saying he would be an "asset" at the next election.
Ms Andrews said that did not contradict her vocal advocacy for more women to represent the party in parliament and be given opportunities for pre-selection in winnable seats because the scenario had changed with a proposal to redraw Kooyong's boundaries.
We acknowledge Aboriginal and Torres Strait Islander s as the First Australians and Traditional Custodians of the lands where we live, learn, and work.
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