Andriy Shevchenko has turned down the chance to manage the Ukraine national team as he feels he is not yet ready for the job.
Shevchenko, 36, who retired from football after the Euro 2012 to pursue a career in politics, was offered the role last week. The post has remained vacant since Oleg Blokhin's departure for Dynamo Kiev in September.
"I consider that taking over the national squad will be a bit too hasty a move for me," Shevchenko said. "I hope that the FFU will accept my decision with understanding.
"I'm really grateful to the FFU and our football chief Anatoly Konkov for their top-level trust in me which they showed by offering me the post of the national manager."
The decision comes as a blow to Konkov, who was hoping Shevchenko would be able to draw on his experience as a player and replicate the success of Josep Guardiola at Barcelona.
He said last week: "Shevchenko has experience of playing in great clubs such as Dynamo Kiev, AC Milan and Chelsea under the management of legendary coaches Valery Lobanovsky, Carlo Ancelotti and Jose Mourinho. He had a unique opportunity to adopt their methods, their knowledge and talents.
"Just remember that unknown young coach Guardiola has achieved tremendous results in just several years. I'm confident Shevchenko is also capable of achieving serious heights as the national team's manager.
"He has enough experience and character for it. The federation, meanwhile, will provide him with all the necessary help in his work."
Managerless Ukraine are struggling in attempting to qualify for the 2014 World Cup, sitting fifth in Group Eight with just two points from three games.