Roberto Mancini is not interested in the vacant managerial position at Leicester, Sky sources understand.
Craig Shakespeare was relieved of his duties on Tuesday, just four months after being handed the Leicester job on a permanent basis following last season's sacking of Claudio Ranieri.
Mancini had a brief spell with Leicester as a player in the 2000/2001 season before cutting short the loan move to take his first steps in management as head coach of Serie A side Fiorentina.
The former Manchester City and Inter Milan boss, who has won four league titles during his managerial career, is currently in charge of Zenit St Petersburg, who sit top of the Russian Premier League.
Michael Appleton has been placed in temporary charge of Leicester and will preside over team affairs for the Foxes' Premier League visit to Swansea on Saturday.
Monday night's 1-1 draw with West Brom leaves Leicester 18th in the table, having registered just one win in their last eight Premier League matches.
Sam Allardyce is the bookmakers' favourite to become Leicester's next manager with the former Crystal Palace boss ahead of Sean Dyche and Carlo Ancelotti in the betting.