Rooney’s former United team-mates Rio Ferdinand and David de Gea both posted on social media after news of the guilty verdict emerged on Friday, suggesting they should be awarded retrospective title wins.
And former Stoke City boss Tony Pulis said he felt “cheated” after his side were beaten by the Blues in the 2011 FA Cup final.
“When I’ve heard of ex-team-mates and people saying, ‘we’ve won another medal’, I’m happy with the five I’ve won,” said Rooney.
“I wouldn’t want this one just sat there… 15 years later or whatever it was you get a medal because City cheated. I wouldn’t feel comfortable.
“The question is, would I want to receive that medal for finishing second? No.
“Some players might. I just wouldn’t feel comfortable for accepting a Premier League medal for finishing second.”
While Rooney is against titles being taken away from City, he does believe they should be relegated.
“I do think we’re going to see City getting relegated,” said the 40-year-old. “However that happens I don’t know but I think we’re going to see them get relegated.”
Rooney added: “I’d put them in the lowest league they can go in and then put restrictions on them in terms of how much money they can spend for the next three or four seasons.
“If you’re just putting them in the Championship, and I get that’s a massive punishment, they’re going to come back up. Where, I feel if they have got restrictions… League Two, whatever… that could be very difficult for them.
“For instance, if they got a 20-point deduction for the next three years then players won’t want to stay there. If it’s Championship for a season, you could talk players round.
“I’d go as big as I can really.”