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You need to tell your manager that you cannot take on an extra project because your schedule is completely full. Select ALL the phrases that politely and professionally decline the request.
The correct answers are I'm currently at full capacity with my other projects, so I can't take this on right now., I wish I could help, but my schedule is fully booked for the next two weeks., and Unfortunately, I don't have the bandwidth to give this project the attention it deserves.
In a business setting, a polite refusal often involves expressing a desire to help ("I wish I could..."), followed by a logical, objective reason for declining (like being at "full capacity" or lacking "bandwidth").