No, it doesn't. People might be able to figure out what you actually meant, but it's not right. There are a lot of ways to say that. Were you already in a relationship, or was a relationship being suggested? If you're already in one, you'd probably say, "I'm not going to take part in this relationship anymore." If it's a suggested relationship, you could say, "I don't do relationships," which is closer to what you said, but it's not very good English either. You'd probably say, "I don't like being in relationships." If you're ending a relationship, the most common thing you'd say in America is, "I want to break-up," or, "I think we should see other people." You'd probably only want to use this with someone how spoke English fluently, and then maybe even only Americans would get what you meant because both phrases are kind of ambiguous unless you know the context in which they're being said and understand the customs. Anyway, there are several ways to say this. I could go on for a while, but those few suggestions would work.

If it is a romantic relationship, then use: 'I no longer want to be in a relationship with you' or ' I want to split (or break) up with you.

Who is the relationship with? In this case I would say "I prefer to be single at this time" or something similar such as the other two commenters statements. Hope this helps you.

= I'm not looking for a relationship.