Sam Allardyce says it isn't the right time for him to get back into management despite admitting he "would love to manage Leicester".
The Head Coach role at the Foxes became available following the sacking of manager Craig Shakespeare.
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Allardyce has been out of work since stepping away from Crystal Palace at the end of last season after securing their Premier League survival.
He has been linked with a number of posts in recent weeks, including the Scotland job, and has now ruled himself out of potentially taking over at the King Power Stadium.
He has also been touted as possible replacement for Bruce Arena as head coach of the United States.
Allardyce told Talksport: "As big a club it is and as much as I would love to manage Leicester, I don't think it is time for me.
“I'm not ready. Having been in it so long and how I felt at the end of last season, I am enjoying my life too much.
“Yes, it would interest me and yes I would take the Leicester job – but not at this time.”
He added: "If I ever go back into football, an international position again might be of interest to me.
“Whether that is in the USA, who knows. If we got to that stage where there was an interview, you would assess whether you have a chance of being successful with that national side and, if you do, is that a better challenge for me at this stage of my life?”