Michael Laudrup has officially ruled himself out of the running to become manager of Atletico Madrid as Abel Resino tenure nears its end.
Laudrup has been heavily linked with the post after Atletico were thrashed 4-0 by Chelsea in the Champions League on Wednesday night.
The defeat at Stamford Bridge has left Atletico with serious problems in Group D, where they are currently bottom of the standings with just one point from three games and well adrift of top two Chelsea and Porto.
The Rojiblancos lie 15th in La Liga after just one win in their opening seven games. Club president Enrique Cerezo admitted "something needs to be done'' on Thursday, but Laudrup won't be taking over anytime soon.
He said: "I am honoured to be connected to speculations in relation to a coaching job at Atletico Madrid but I can confirm that I will not be taking over as coach of Atletico Madrid."
Cerezo said after the Chelsea match: "Inside 48 hours we have a league game and then a Copa del Rey match. This is what we are looking at...it is very worrying for us. I don't know what the solution is but we have to do something.
"We've let in a lot of goals and there is a psychological issue because we had a great first half (against Chelsea) up until they scored their first goal. Afterwards we have not been able to get our performance up to where it needed to be. It's a problem of concentration and attitude.''
Former Spain coach Luis Aragones, who has managed Atletico on four separate occasions during his long career, is one of the names being linked with the club, but Cerezo insists they have not been in contact with the Euro 2008 winner.
"Nobody has thought about him because we had hoped that things would improve. There is nothing decided but we have to look for a solution. I need to talk with the people at the club and see what can be done. But it's clear that the situation cannot continue like this,'' Cerezo was quoted as saying by AS.
The other coaches being linked with Atletico are Quique Sanchez Flores and Bernd Schuster, all of whom are former managers at neighbours Getafe.