Mc Hugh who had being heavily link with the position and a possible role alongside another contender Rory Gallagher informed Highland Radio Sport last night that he is not interested in the job.
In recent weeks the 1992 winner was appointed manager of the Sligo IT Sigersons Cup team.
Martin said he will not be looking to take over the position that Jim Mc Guinness held for the last four years.
He added he is delighted to be back in management with Sligo and is thoroughly enjoying being back in charge of the college for a second term.
Declan Bonner has also ruled out seeking a step up to senior level.
The Rosses man has told today's Donegal Democrat that he wants to continue with the minors.
Declan guided the county minors to a first ever All Ireland final in September.
Former Mayo Manager James Horan has also ruled out an interest in the job.
Horan stepped down from his position after Mayo's All-Ireland semi-final replay loss to Kerry and will not be making an immediate return to inter-county football.
Meanwhile the draw for next year's Championship will be made tonight.
It's live on the tv from 7pm.