The Championship side are in the hunt for a new boss after Michael Appleton switched to Blackburn Rovers, despite only being at Bloomfield Road since November.
A club statement on MK Dons' website said: "Karl is an ambitious, bright young manager and he is firmly focused on realising MK Dons' dream of Championship football.
"Following discussions between Karl and the chairman, the club have turned down an approach from Blackpool to speak to Karl regarding the managerial vacancy at Bloomfield Road.
"Karl remains committed to the players, staff and, most importantly, the fans at Milton Keynes Dons, and will be looking to take the club from strength to strength by continuing to write new chapters in its history books."
The news comes after Robinson led his side to a 2-0 victory over Sheffield Wednesday last night.