The Slumdog Millionaire director, 56, has been tipped for the honour in the New Year Honours List following his triumphant success with the £27 million production, which kicked off London 2012.
However, he said: "I'm very proud to be an equal citizen and I think that's what the opening ceremony was actually about."
The Oscar-winning filmmaker also said he would not take on the challenge of directing a Bond film, despite featuring Daniel Craig as 007 and even a show-stealing performance from the Queen in a sketch during the opening ceremony.
Asked whether he would consider a full-length Bond movie, he said: "No, I'm not very good with huge amounts of money. I've learnt that. Don't trust me with huge amounts of money.
"I did a film The Beach (starring Leonardo DiCaprio), which was a proper Hollywood-scale budget, and it didn't suit me.
"Certain people can handle that and I love watching those kind of films. I'm much better with a small amount of money and making it go a long way."