The Dalai Lama - who is a Tibetan exile - is attending a summit of Nobel Peace Prize winners in Rome this weekend.
The event had to be moved from the original venue in South Africa, after the government there reportedly refused the holy leader a visa.
An official Vatican spokesperson said: "Pope Francis obviously holds the Dalai Lama in very high regard but he will not be meeting any of the Nobel laureates".
After arriving in Rome on Thursday, the Dalai Lama said he would have been "very happy" to meet the Pope, adding:
"The Vatican administration says it's not possible because it could cause inconveniences."
It's thought the decision may reflect the Vatican's attempts to improve relations with China, due the pressure on the country's Roman Catholic communities.
Pope Francis became the first pontiff to be allowed to fly through China's airspace back in August when he visited South Korea.
However, he will be sending a video message to conference which the Dalai Lama is attending.
He's also due to travel to Sri Lanka next month, where he's expected to meet with the island's Buddhist leaders.