The 35-year-old has been without a club since leaving Besiktas in November 2011, but has turned down the opportunity to continue his career at El Monumental
The 35-year-old left Besiktas following a contractual dispute in November 2011, and is yet to find a new club.
However, he has now admitted that he received an offer from the Buenos Aires giants, who are looking to rebuild their squad ahead of their return to top-flight football.
"I'm not going to play for River, and, honestly, I don't want to play in Argentina," the 14-cap Spain international revealed on his Twitter page.
"But I'm grateful for the interest."
Guti joined Madrid as a youngster in 1986, and made over 500 appearances for the Liga giants, before moving to Inonu in 2010.