The Cameroon striker had been linked with a switch to the Dutch giants, but former Netherlands winger Overmars has said that the ex-Chelsea and Barcelona man is dragging his heels over a move.
Eto'o's deliberation has now caused Ajax to turn their attention elsewhere, according to the Dutchman.
"Of course, Eto'o has the right to think about his future as long as he wants," Overmars told Voetbal International.
"But we're not going to wait for him anymore. We told him that we're not interested in any further talks."
The former Barca man has also been linked in connection with a move to Liverpool.