Kevin Magnussen says the "timing" just wasn’t right for him to be considered for the 2021 Ferrari race seat.
Instead, McLaren’s Carlos Sainz got the nod to replace quadruple world champion Sebastian Vettel.
"I haven’t hidden that I would like that seat," Magnussen told Ekstra Bladet newspaper.
"It’s a lot to do with timing. Sainz had a really good year last year and broke through. Had it been after 2018, it could have been that I was more visible in the races."
Magnussen, 27, has also raced for McLaren and Renault, but he had a miserable season with the small American team Haas last year.
"Although I personally felt that I was having a good season, it’s difficult for others to see that. So it is clear that Ferrari is going with the safe choice," he said.
Nonetheless, Magnussen says his dream of a world championship remains alive. "As long as I don’t feel like it’s impossible, I’ll keep going," he said.
However, it appears as though being retained by Haas for 2021 is his best option for now.
The Dane says those talks have not begun yet.
"Right now they’ve been insanely focused on just getting through this crisis," he said. "There is no need to talk about the future yet. We haven’t even raced.
"The important thing is not who is going to drive the cars, first the cars just need to drive," he smiled.
"But I do want to be part of the new rules and new era of Formula 1, where I think the teams will get closer and the chance to be on the podium for a team like Haas will get bigger.
"First, I hope the team commits to the future of Formula 1 and then we’ll see how it goes," said Magnussen.