Olympian champ turned transgender role model Caitlyn Jenner has turned down an offer to compete on "Dancing With The Stars," citing her qualifications as not enough for the competition.

RadarOnline.com reported that Caitlyn Jenner turned down "DWTS" after the 65-year-old "came very close" to signing a deal with the ABC program. Apparently, she backed out at the last minute.

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"At first, Caitlyn was so excited about it and nearly signed up straight away, but after careful thought and even trying out a few moves, she's realized she was in over her head," a Radar Online insider explained.

"She also found she's nowhere near as powerful in her movements as she used to be and she's totally lost her confidence in her body's strength and abilities," added the insider.

However, a much bigger reason why Caitlyn Jenner turned down "DWTS" is reportedly her competitive ego.

"The biggest reason she pulled the plug on the deal is because she doesn't want to be a laughingstock," the insider revealed. It appears understandable though, since Caitlyn has endured much criticism since coming out as a transgender in public.

After Caitlyn Jenner turned down "DWTS," many are still hoping that she might change her mind since it would be the first time a transgender would appear on the show.

Also, sources close to the production team of "DWTS" said that an opportunity to join the next season still exists as long as slots are not filled, according to The Inquisitr.

Rumors of Jenner joining "DWTS" first surfaced when Derek Hough said he would be returning to the show as Caitlyn Jenner's dance partner, adding that he would love to dance with the ESPY awardee, according to the Master Herald.

Still, it might seem that another reason for Caitlyn Jenner turning down "DWTS" is her extremely busy schedule. Jenner has an upcoming documentary series on E! called "I Am Cait," and joining "DWTS" might give her less time for other shows.

TagsCaitlyn Jenner Dancing With The Stars Freakout, Caitlyn jenner, dancing with the stars, DWTS, Derek Hough, ESPY, I am cait