The star currently hosts the ITV programme on Fridays with Dermot O’Leary, while Willoughby and Schofield are on the sofa for the rest of the week.
However, there has been speculation about her being the perfect replacement if Willoughby and Schofield ever left.
Addressing the rumours on Zoe Ball’s BBC Radio 2 show, Hammond said: “Let me just say, you know what, I don’t think Holly and Phillip should go anywhere first of all.
“And I don’t think I would replace them.”
The 46-year-old also pointed out the distance she would have to travel to get to work every day.
“I’ll tell you the reason, mainly because I live in Birmingham, it would be too much to go every single day,” she said. “I think it’s a lot what I do anyway.”
Hammond also said she “wouldn’t want to replace Holly and Phil”.
She said the fan favourites were “irreplaceable”.
Hammond and O'Leary took over the Friday slot on This Morning in January, replacing Ruth Langsford and Eamonn Holmes.
Husband and wife team Langsford and Holmes now host the programme during key holidays.
Watch: Alison Hammond gives Lady Gaga awkward elbow bump