The Italian boss, 50, said he decided his future "a year ago" in reference to the deal he has signed until 2020 – which was confirmed last year.
Allegri has led his Juve side to top of the Serie A table this season, two points ahead of Napoli with just four games to play.
The Juventus boss was one of Europe's big-name managers to take over from the departing Arsene Wenger.
The odds had been slashed massively in recent days too on Allegri getting the hotseat at the Emirates Stadium.
However, it is now clear the Gunners will need to look elsewhere for their new boss, with Allegri committing to Juventus.
Allegri's current contract runs until 2020, with the Italian confessing he will see-out at least one more season.
Meanwhile, Wenger could look to continue his career as general manager of Ligue 1 giants Paris Saint-Germain.
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PSG would offer Wenger a four-year deal, according to reports, following his 22 years in North London.
The French boss, 68, has already expressed his desire to continue at the top level.
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