Carlo Ancelotti will take a one-year sabbatical from coaching after his departure from Chelsea last month, according to reports in Italy.
The Italian, 51, told Italian newspaper La Stampa: "I am in no hurry to coach and I don't need to.
"I have not been contacted by any club in England and I have not spoken to Roma. It is all fantasy."
Ancelotti's decision could be a blow to Aston Villa, who were reportedly among those looking to secure his services.
The Villa Park job is vacant after the departure of Gerard Houllier.
Ancelotti has also been linked with the Fulham manager's role and a coaching position at newly-promoted QPR as well as a possible return to Roma, where he enjoyed success as a player between 1979 and 1987.
He led the Blues to the Premier League and FA Cup double in the 2009-10 season and had one year left on his contract at Stamford Bridge but was sacked on the final day of the 2010-11 campaign.
"I have enjoyed this experience [of coaching in England]. I will return to London to organise my life," he added.
"Besides a six-month break, I have been coaching non-stop since 1995. I will take a year off and look around, study how my colleagues work.
"I have always said, and I reiterate it, that one day I will coach Roma - but it's still early."