Antonio Conte has ruled himself out of the running to take over at Real Madrid because he feels the project is not right for him, Sky Sports News understands.
The Italian was linked with the role after the sacking of Julen Lopetegui following Real's 5-1 thrashing at the hands of Barcelona at the weekend.
Conte left Chelsea in July and has now decided to extend his break from football until the summer.
However, he could be tempted into management mid-season, but only if the project was right.
As Sky Sports News reported last week, Conte's contractual obligations with Chelsea only apply to managing a club in England this season and therefore he is free to join a club abroad.
Santiago Solari has been placed in temporary charge of Real and will be in the dugout when they travel to face third-tier Melilla in the Copa del Rey on Wednesday evening.
Spanish league rules mean the 42-year-old Solari can only manage on an interim basis for two weeks, at which point Real must appoint a permanent successor to Lopetegui.