The Denmark international was the subject of an offer from City in 2011, but felt it was too early in his career to be heading to the Etihad Stadium.
Liverpool and Manchester United have also been linked with the midfielder, who impressed against City during Ajax's 3-1 UEFA Champions League win last month.
He will again be a key player when the Dutch giants meet City in the return clash on Tuesday night and the 20-year-old is happy to still be part of Ajax's squad.
"I think many other players would have said 'yes' to City's offer but I had my own reasons for turning them down," said Eriksen in the Sunday Mirror.
"I remember my agent calling me to tell me that they had come in for me but I told him straight away that I did not see any point in moving to Manchester City and I still don't.
"At the end of my career we will see if I took the right decision. But I feel much more at home at a club like Ajax. I really don't want to swap this club for another yet.
"Age-wise I'm still a young boy. But I have played in both the World Cup and the Euros for Denmark.
"If you wanted a clothes size to judge my status, I would say that I am between medium and large. So I still have some growing time to get to XL!"