German Chancellor Angela Merkel has also declined to attend the Moscow commemoration marking 70 years since Nazi Germany capitulated to Soviet forces in World War II.
"We will be considering our representation in light of our ongoing discussions with Russia, our concerns about their activities," said a Downing Street spokeswoman.
"I don't think we have plans for the prime minister to attend but I'm sure we will set out who will represent the government in due course."
Cameron's spokeswoman indicated that Britain would not be represented at the ministerial level at the event, traditionally a show of Russian military force.
"I think we would consider our representation in light of our broader ongoing relationship with Russia and I think if you look recently there have not been ministerial visits," she said.
"I think we will take that into account as we consider who attends."
Britain faces a general election on May 7, meaning Cameron may no longer be prime minister come May 9.
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