The former EastEnders actress, who was strongly linked to the ballroom dancing show in 2010, said that her dance training at school would add expectation from the nation.
Speaking to Digital Spy, she reasoned: "I'm meant to be good at it. It would be like Rio Ferdinand going on a football show and getting a panel with two on it.
"In front of the country. I'm meant to be singing, dancing and acting. I think it would do me harm if I went on and people said, 'Oh, she's s**t'. So it would be a no."
Of the possibility of an appearance in the show's annual festive edition, the 36-year-old added: "I'd do it once for fun, but I wouldn't want to be judged week in and week out."
On whether she would instead compete on rival ITV reality show Dancing on Ice, she simply said: "I can't dance on ice, because I'm like bambi on ice."
However, McCutcheon added teasingly: "I never rule anything out. I'm an entertainer. Be it presenting, singing, acting, I just do things I love. I'm lucky to be at that stage in my life. I will definitely make a return though. I've missed it and it's so good."
The star was promoting her new TV show Let's Get Gold on which she is a judge. The Olympics-themed talent show premiered last night (July 5) and continues tonight (July 6) at 9pm on ITV1.
