Inter Milan have confirmed Marcelo Bielsa has turned them down.
The Argentine was rumoured to have snubbed an approach from the Italian club and Massimo Moratti has admitted as much.
"Bielsa turned us down for personal reasons," Moratti said. "He was disappointed, but he could no longer continue the dialogue with us."
It has been claimed by some sources that Ancelotti, formerly of Milan, had rejected an offer following his dismissal at Chelsea.
"We respect Ancelotti, but nobody has even thought about him here," continued the oil baron. "As a result he hasn't said 'no' to us.
"Bielsa is the only person who has responded with a 'no'. The realty is that we have a mountain of people who have said 'yes' so now I'll have to decide."