A New York jury awarded Carroll $5m (£3.6m) in damages in 2023 over her civil claim that Trump sexually assaulted her in the 1990s, and then branded the incident a hoax on social media.
Trump denied the allegations and repeatedly claimed that the judge who oversaw the civil trial improperly allowed evidence to be presented that affected how the jury viewed him.
A federal appeals court agreed with the jury's verdict last year and said a new trial was not warranted. Trump then asked the highest court to intervene.
A federal appeals court declined to rehear Trump's challenge to it last June.
The US president has yet to comment on Monday's decision, which was his final hope of overturning the jury's unanimous verdict. It means he will have to pay Carroll the damages she had been awarded.
The BBC has contacted Carroll's lawyers for comment.
This breaking news story is being updated and more details will be published shortly. Please refresh the page for the fullest version.
You can receive Breaking News on a smartphone or tablet via the BBC News App. You can also follow @BBCBreaking on X, external to get the latest alerts.
