Frost told reporters: "I'm not a candidate for Oregon. I'm where I want to be."
There was speculation Frost could be a candidate because of UCF's record (6-6) this season. Frost also has ties to the Oregon program; he was the Ducks' wide receivers coach from 2009 to 2012 and the school's offensive coordinator from 2013 to 2015.
On Tuesday, Oregon athletic director Rob Mullens said the team's new coach wouldn't come from the current staff, signaling for the first time in 40 years that Oregon is looking for a head coach outside of its own staff.
However, when asked if the coach might come from Oregon's coaching tree, he said: "That coaching tree has a lot of branches. It doesn't necessarily have to, but I anticipate it won't have to come from within the staff, if that's what you're asking. There's lots of branches to the history of that staff. It could come from a branch."
San Francisco 49ers coach Chip Kelly, an ex-coach of the Ducks, has also confirmed he is not interested in returning to Eugene, Oregon.
Sources have told ESPN's Brett McMurphy that Oregon has reached out to representatives of Ohio State defensive coordinator Greg Schiano and South Florida's Willie Taggart for the Ducks' vacancy. Western Michigan's P.J. Fleck also is expected to be contacted as well, a source told McMurphy.