The 56-year-old wants to make it as a manager, which he cannot do at Liverpool.
And reports in England suggested a deal to Fenerbahce was done.
However, Bosnian reporter Haris Mrkonja has said that a deal is not yet done because Fenerbahce are still negotiating with a few other coaches.
He posted on Twitter this morning: "#Fenerbahçe agreed with #buvac on terms but they have been discussing with some other coaches. There is nothing official and it seems that Buvac is not target number one.
"This is what @sporx [Turkish outlet] colleagues tell me."