The fans' favourite has taken temporary chance of the Romans following the departure of manager Gary Owers to Torquay United a week ago.
Rollo, the legendary former player, got his stand in reign under way with an impressive 6-0 win over Knaphill in the FA Cup.
But in an interview with the Bath Chronicle, he confirmed he won't be throwing his name into the ring for the full-time position at Twerton Park.
“Unfortunately for me it’s not really the right time,” he said. “I’ve got a new job that I started only three months ago, I’ve got a young family.
“I just know that the time and effort you’ve got to put into a football club, something would have to give. Work, family; they’re two very big commitments.
"People know how much I enjoy being here and how much I love the football club.
“I would like to stay in some capacity, but unfortunately the manager’s job, it’s just not the right time at the moment," he told the paper.
Bath face Wealdstone this weekend as they return to league action.
It has not yet been confirmed in Rollo will remain in charge of if the club will have made an appointment by that stage.