The Ivory Coast star, 38, is out of contract after a spell at Montreal Impact and was offered $120,000 (110,000 euros) a week, a 24-hours-per-day translator, six return tickets to Europe — and a bullet-proof car.
Drogba said on Twitter on Wednesday that he had spoken with the Corinthians president Roberto de Andrade to decline the offer.
“I’m very honoured… but it doesn’t feel like the right move for me at this time,” wrote Drogba.
The club thanked the player for showing an interest.
“Life is made on choices and this renowned player will head for other horizons this season,” Andrade said in a press release headlined “Thanks anyway, Drogba”.
In mid-January Corinthians’ sporting director Flavio Adauto had indicated that Drogba had been approached by the club and that his relatively modest demands would be met.
Drogba moved to Chelsea from Marseille in 2004, remaining at Stamford Bridge until 2012 then returning there for the 2014-2015 season.
A Champions League and four-time Premier League winner with the Blues, Drogba has hinted at a return to Marseille.
The former Ivory Coast captain has also played for Chinese side Shanghai Shenhua and Galatasaray in Turkey.