Luiz Felipe Scolari claims he has turned down an offer to coach Juventus in favour of remaining at Bunyodkor.
Speculation has been rife that Scolari is set to replace the under-fire Ciro Ferrara at the helm of the Bianconeri, who have lost five of their last six matches.
However, the former Chelsea manager insists he will see out his contract with the Uzbek club.
"Yes, I have got a proposal from Juventus, but I rejected it, because I am completely satisfied with conditions at Bunyodkor,'' Scolari told the club's official website.
"I have everything I need to be effective and work comfortably, so I will stay in Uzbekistan till my contract with Bunyodkor expires, even if I receive an interesting proposal in future.''
Scolari signed an 18-month contract with Bunyodkor when he took charge in the summer and the 61-year-old is reportedly among the highest-paid managers in world football.
The Brazilian, who guided his country to World Cup glory in 2002, was in charge of Chelsea for seven months last season before being sacked following a run of bad results.