"We would support Mosul but will not combat directly," Davutoglu was quoted as saying by the Hurriyet newspaper en route to New York, referring to Turkey's willingness to offer Iraq logistical and other assistance, but not troops.
Davutoglu, however, warned that Turkey would respond if threatened by any attack on its soil.
"If there is any direct threat to Turkey we will respond immediately. We have the potential and strength to do that," he was quoted as saying in the report.
The jihadists have controlled Mosul, Iraq's second city, since seizing it in a June 2014 offensive that saw them conquer large parts of the country.
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A senior US envoy said Monday that no timeline should be imposed on Iraqi forces planning an offensive to take back Mosul as the operation will require elaborate preparations.
Turkey's contribution to the fight against IS has been limited to allowing the transit of Iraqi peshmerga forces through its soil to fight in the Syrian town of Kobane, which was retaken by Kurdish forces in January.
Turkey is also providing training for the peshmerga forces in Iraq.
In February, Turkey relocated a historic tomb and evacuated the soldiers guarding the monument from Syrian territory after it was surrounded by IS jihadists.