The single won an "Oye!" award in Mexico for Song of the Year in 2007. It was also nominated in the category The Perfect Combo at the 2007 Premios Juventud. At the 16th Annual ASCAP Latin Music Awards held on 16 May 2008, "Te Lo Agradezco Pero No" was recognized as the Pop/Ballad of the Year. The recording further was nominated in the category for Best Vocal Duet or Collaboration at the 2008 Latin Billboard Music Awards, but lost to "Pegao" (2006) by Wisin & Yandel. "Te Lo Agradezco, Pero No" was included at number seven on the list of 15 Best Duets by Shakira published by E! Online Latino in 2016.