The Bulgarian midfielder was diagnosed with the illness back in 2012 and initially retired from the sport.
However, the former Villa skipper attempted to make a comeback for the club this summer, after being given the all-clear from the blood disease.
Petrov played in pre-season for Aston Villa, but did not receive a contract offer from manager Roberto Di Matteo. The former Celtic midfielder says it was like his "heart was taken away" from him.
When asked whether he could return to football, he said: "I won’t be coming back. Not as a player. That was taken away from me. My heart was taken away from me.
"Because it was so hard for me to come to this pre-season and try to play again. It didn’t happen, it brought me down.
"It was funny how everything happened. I didn’t see it coming because a few days before I was walking up to the training session and I was walking shoulder to shoulder with Roberto.
"He was telling me how well I was doing, how inspirational I am, and that he was really happy to see it.
"We played Worcester (in a pre-season friendly) and he needed to go see the new chairman.
"The next thing, he comes back and on Monday morning, he calls me in, and I thought this was going to be a general conversation. And that’s where I heard the news that I wasn’t getting anything".
Petrov was told that he would not receive a contract before a training session, but decided to train anyway. He said that former team-mate Brad Guzan was infuriated by the club's decision not to offer the leukaemia survivor a new deal.
"I remember Brad Guzan… and he came to me after training and said, 'You look like you’re going to make it'. Then I turned around and said, “I don’t think I’ll make it'," Petrov said.
"He said, 'Why’s that?' I told him about the conversation where I wouldn’t be getting anything and he literally went ballistic".
Petrov was offered a role as a youth coach at Villa Park, but rejected the offer, saying he only wanted a playing return to the game.