Something along the lines of this, from 'The gift of fear':
"No matter what you may have assumed till now, and no matter for what reason you assumed it, I have no romantic interest in you whatsoever. I am certain I never will. I expect that knowing this, you’ll put your attention elsewhere, which I understand, because that’s what I intend to do.
There is only one appropriate reaction to this: acceptance. However the man communicates it, the basic concept would ideally be: “I hear you, I understand, and while I am disappointed, I will certainly respect your decision.”