John Bercow said his resistance to the speech was because of Parliament's "opposition to racism and sexism."
Bercow is one of three parliamentary officials who must approve any invitation for someone to speak in Westminster Hall, the venue typically used for grand occasions of state.
Speaking in response to a motion signed by 163 MPs calling for Trump not to be afforded a Westminster Hall audience, Bercow said "an address by a foreign leader to both Houses of Parliament is not an automatic right, it is an earned honor."
British Prime Minister Theresa May invited Trump to make a state visit to the UK when she met him in the White House a week after his inauguration last month. The details of the trip have not yet been finalized, and not every state visit to the UK involves an address to Parliament.
Downing Street responded to Bercow, saying, "We look forward to welcoming the President to the UK later this year. The dates and arrangements for the state visit will be worked out in due course."
Anger at travel ban
Bercow said his disapproval of any such speech by Trump had increased in the wake of the US President's controversial travel ban.
"Before the imposition of the migrant ban I would have myself have been strongly opposed to an address by President Trump at Westminster Hall," he told MPs on Monday. "After the imposition of the migrant ban, I am even more strongly opposed."
"We value our relationship with the United States," Bercow insisted, adding that "if a state visit takes place, that is way beyond and above the pay grade of the Speaker."
"However as far as this place is concerned I feel very strongly that our opposition to racism and to sexism and our support to equality before the law and an independent judiciary are hugely important considerations in the House of Commons," he said.
Angered by a Washington court's decision to temporarily suspend parts of his executive order banning citizens of seven Muslim-majority countries from entering the US, Trump has spoken out against the ruling.
In a series of tweets, the US President rounded on "so-called judge" James Robart, saying his "terrible decision" was "ridiculous and will be overturned."