The Conservative party donor had been tipped to receive an honour from Cameron, along with others who have been thrust into the spotlight as the list is littered with nominees generous to both the Tories and the Remain campaign. Taylor was both.
Theresa May had been urged to block the nominations after a leaked list revealed that Cameron had requested knighthoods for party donors, pro-EU campaigners and political aides and even his wife Samatha's stylist.
Chief executive Taylor's full statement reads: "In recent days, speculation in the media has suggested that I may be recognised in the forthcoming resignation honours list.
"This has been accompanied by seriously inaccurate comments about the company I lead. In these circumstances, I think it is right I request that my name does not go forward, if indeed I was being considered for an honour.
"Tonight, I am writing both to the outgoing and the current Prime Minister requesting that I would not wish to be considered for an honour at this time.
"I will, of course, be continuing to participate actively in all the causes that I and my family passionately believe in, notably broadening access to the arts for everyone."
Conservative Party donor Ian Taylor's energy and commodity trading firm Vitol is headquartered near Victoria station and had sales last year topping $270bn.