West also has said he would not run Maximum Security in the May 18 Preakness in Baltimore.
Gary West, owner of the favourite Maximum Security, said he would file an appeal on Monday.
The 65-1 long shot crossed the wire second but was declared the victor after Maximum Security, who finished over a length ahead, was disqualified by race stewards for moving out of his lane and impeding several other horses.
Race stewards ruled he interfered on the corner of the final turn of the race.
He added: "I think there's no Triple Crown on the line for us".
20 horses ran in this year's Kentucky Derby compared to the 14 that run in most races on the track, including the Kentucky Oats.
Woodford Reserve Master Distiller Chris Morris and 2019 Derby Bottle artist Keith Anderson on being the official bourbon of the Kentucky Derby. Maximum Security's jockey Luis Saez said the noise of the 150,729 fans unnerved the horse, but he quickly got him back under control.
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When asked for comment, Churchill Downs Racetrack President Kevin Flanery said in an email to Reuters that the infraction by Maximum Security had nothing to do with the number of horses in the race and that there is no evidence to the contrary.
Legal action over a Derby result does have precedent in the sport, with the 1968 Derby, when Dancer's Image owner Peter Fuller contested his apparent winner's disqualification after a urinalysis revealed a drug prohibited in Kentucky. Can the chestnut colt move one step away from becoming the 14th Triple Crown victor - and third since 2015 - by winning the Preakness?
Governor Matt Bevin is defending the stewards' controversial decision to disqualify Maximum Security in Kentucky Derby.
War Of Will appeared to be the main sufferer as Maximum Security veered from the rail to the centre of the course on the rain-hit surface, before getting back on an even keel.
The Jason Servis-trained colt crossed the line first in a soggy race Saturday, but was adjudged to have illegally impeded other horses during a feisty encounter.
The appeal will be filed with the state racing commission in Kentucky.
The Kentucky racing commission say they denied the appeal because the track officials ruling is not subject to appeal.
That leaves Country House, who was tapped as the Kentucky Derby victor as a result of Maximum Security's DQ, as the likely favorite for the Black Eyed Susans in Baltimore. Again, by design. You don't see 20-horse fields in other races.
"Both horses are very well-suited for the Belmont, but now we got to rethink that, and certainly probably for Country House. The best horse was clearly Maximum Security", Tim Doyle, a co-host at the sports network Stadium, told Cheddar in an interview Monday.