But added that they had also requested for an interview and photo shoot. "Time does not comment on our choice until publication".
The magazine's editors are the ones who select the Person of the Year, but the publication offers a poll where readers can vote for their pick. "I said probably no good and took a pass. Thanks anyway!" the president tweeted.
And it's a very important magazine, and I've been lucky enough to be on the cover many times this year - and last year.
In a tweet late Friday as he spent the Thanksgiving holiday in Florida, Trump sounded dismissive of the honor he received past year and could well receive again. In June, The Washington Post reported that several of Trump's clubs display what appears to be a cover from a 2009 issue of Time with Trump himself on the front.
"Sports Illustrated called and said I was probably going to be Sportsman of the Year, but it was going to take a long photo shoot and interview".
The photoshopped image featured Mr Trump alongside a headline claiming his Apprentice reality TV series was a "television smash".
"They used to call it "Man of the Year" but they can't do that anymore so they call it person - they want to be politically correct, that's OK", he said at a rally in Iowa.
However, Time responded shortly afterwards, accusing the United States president of misrepresenting them.
Time defended the controversial decision by saying the award is given to "the person who had the greatest influence, for better or worse, on the events of the year".
Trump said the magazine informed him he was "probably" going to be granted the title for the second year in a row. "You should run Time!".