Malaga coach Manuel Pellegrini has rejected an approach from Chelsea, according to the Chilean's agent.
Chelsea are seeking a replacement for Carlo Ancelotti, who was sacked as manager after the final game of the Premier League season at Everton, and the club have reportedly sounded out Pellegrini about his availability.
However, the former Real Madrid boss claims he is happy at Malaga and his agent has distanced the 57-year-old from the vacant hotseat at Stamford Bridge.
"It is normal for clubs without a coach, such as Chelsea through intermediaries, to inquire about Pellegrini," Jesus Martinez told Chilean radio station Cooperativa.
"But he is very comfortable at Malaga and has a contract there. He has put a lot of effort into Malaga and is pleased and excited to work with the team."
Chelsea have maintained they would not be making any comment on the continuing speculation regarding the appointment of their new manager but Guus Hiddink is thought to be top of the list.
The Dutchman is said to be club owner Roman Abramovich's first choice to reprise the role he filled on a temporary basis to such great effect two years ago, though convincing Hiddink to leave his current post with the Turkish Football Federation could prove complicated.
That could lead to Chelsea looking at other targets, such as Porto boss Andre Villas-Boas.