Meyer was favourite to succeed Jake White, who resigned at the end of last year, but was pipped for the position by surpise choice Peter de Villiers.
He has now accepted a senior position with sports supplement company USN, effectively severing his ties with rugby.
"To coach the Springboks was my last remaining dream in rugby," admitted Meyer. "What happened there was disappointing. If I cannot coach the Boks, I do not want to coach."
Meyer led the Blue Bulls to three Currie Cup championships as well as to Vodacom Cup success.
Last year he became the first South African coach to win the Super 14 with the Bulls.