Everton said there is no deal in place for Carlo Ancelotti to take over as new manager despite links that he is set to take over at the club.
Reports emerged on Monday that the Italian will assume the job, prompting the club to say it "has held meetings with a number of candidates."
ESPN FC sources confirmed an offer for Ancelotti and added that Everton owner Farhad Moshiri is confident the deal will get done.
Ancelotti, who has won three Champions League titles in a garlanded career, was sacked by Napoli earlier this month after a high-profile falling out with club chairman Aurelio de Laurentiis.
"We can confirm that thus far no contract offer has been made and no candidate has chosen to withdraw from the process," an Everton statement said. "While the Club is keen to confirm a new permanent manager as soon as possible, the only important duty is that the right appointment is made."
Everton are 16th in the Premier League, three points above the relegation zone, having sacked Portuguese coach Marco Silva after a 5-2 defeat by Liverpool on Dec. 4.
Former Everton striker Duncan Ferguson has been appointed interim boss, securing a 3-1 home win over Chelsea and a 1-1 draw at Manchester United from his two games in charge.
Should the 60-year-old Ancelotti finalise a deal with Everton it would be a significant coup for the Merseyside club given his coaching CV, which includes trophy-laden spells at AC Milan, Chelsea, Paris Saint-Germain, Real Madrid and Bayern Munich.
Ferguson will lead the team in their League Cup quarterfinal at home to Leicester City on Wednesday.
Former Everton boss David Moyes was linked to the post after Shanghai's Victor Pereira ruled himself out last week.
Information from Reuters was used in this report.