Marcelo Bielsa will not become the new manager of Santos after the Brazilian club ended talks with the former Argentina and Chile coach.
The two parties failed to reach an agreement over plans for the team's future and Under-20 coach Claudinei Oliveira will continue to take charge during the interim.
A statement on the club's official website read: "Santos FC announces that talks with Argentinian coach Marcelo Bielsa have come to an end.
"The club and the coach did not successfully reach an agreement over the future of the project, preventing the coach's appointment.''
Bielsa recently left Athletic Bilbao after two years in charge of the Primera Division club while Santos, who have sold star striker Neymar to Barcelona, parted company with manager Muricy Ramalho in May.
Information from the Press Association was used in this report.