The race is on to elect a new House speaker showdown following the historic ouster of Kevin McCarthy on Tuesday.
Two Republicans have officially thrown their hats into the ring ahead of the party hoping to choose a new leader next week.
Gaetz spoke to reporters outside the Capitol just moments after his motion to vacate succeeded.
"The stages of grief are in progress," he said.
The Florida Republican floated names for who could become the next speaker. On his list were House Majority Leader Steve Scalise, House Majority Whip Tom Emmer and Oklahoma Rep. Kevin Hern.
Gaetz said he will "absolutely not" put himself forward for speakership.
In the minutes after the motion to vacate against McCarthy, Rep. Patrick McHenry, R-N.C., was named as speaker pro tempore, an interim role to lead the chamber until another speaker is elected at a future point.
McHenry is a top McCarthy ally and chairman of the House Financial Services Committee.
He recessed the House for caucus meetings.
Eight Republicans voted to take away McCarthy's gavel.
In addition to Gaetz, who introduced the motion to vacate, the following Republicans voted to oust McCarthy: Reps. Andy Biggs of Arizona, Ken Buck of Colorado, Tim Burchett of Tennessee, Eli Crane of Arizona, Bob Good of Virginia, Nancy Mace of South Carolina and Matt Rosendale of Arizona.
Every Democrat present also supported the motion to vacate.
In a 45-minute roll call vote, the House moved to oust McCarthy as speaker.
The final vote was 216 to 210 in favor of Gaetz's motion to vacate, with eight Republicans joining Democrats.
"The office of speaker of the House of the United States House of Representatives is hereby declared vacant," said presiding officer Rep. Steve Womack.
It is the first time in U.S. history that the speaker of the House has been booted from the post, putting the chamber in unprecedented territory.
