The former Everton striker indicated that his decision lies in the fact that he was given no concrete proof over the ambition of the club's board and the future improvement of the playing squad.
"I met with David Gill last week and he did not give me any of the assurances I was seeking about the future squad," said Rooney.
"I then told him that I would not be signing a new contract."
Rooney also confessed his interest and surprise in the comments made by Sir Alex Ferguson in Tuesday's press conference, where the Scot revealed his "shock" and "disappointment" at the 24-year-old's decision, but the forward remains a massive fan of the manager.
"I was interested to hear what Sir Alex had to say yesterday and surprised by some of it," continued Rooney.
"It is absolutely true, as he said, that my agent and I have had a number of meetings with the club about a new contract. During those meetings in August I asked for assurances about the continued ability of the club to attract the top players in the world.
"I have never had anything but complete respect for MUFC. How could I not have done given its fantastic history and especially the last six years in which I have been lucky to play a part?
"For me it's all about winning trophies - as the club has always done under Sir Alex. Because of that I think the questions I was asking were justified."
Rooney continued to praise the Manchester United manager, speaking of the "debt" he owes to the Scot and indicating his view that Ferguson is a "genius" when it comes to managing a football club.
"Despite recent difficulties, I know I will always owe Sir Alex Ferguson a huge debt. He is a great manager and mentor who has helped and supported me from the day he signed me from Everton when I was only 18," he said.
"For Manchester United's sake I wish he could go on forever because he's a one-off and a genius."
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