Rafael Benitez is thought to have knocked back an approach from Anzhi Makhachkala.
The wealthy Russian Premier League outfit were reported to have held talks with the Spaniard about a switch to Dagestan.
But Anzhi, who are looking for a big coaching name, have been turned down.
Benitez is understood to still be targeting a return to the game in either England or Spain.
France too cannot be ruled out however as Paris Saint-Germain have been mooted as a potential destination.
The Spaniard has been out of work since being sacked as Inter coach one year ago this month.
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