Julian Nagelsmann has already been approached by Chelsea but is not keen on the job, Sky in Germany say.
Nagelsmann has been linked with both Chelsea and Tottenham and was inevitably touted as a favourite for the Stamford Bridge hotseat following the departure of Graham Potter.
Nagelsmann is available, having recently been sacked by Bayern Munich are replaced by former Chelsea boss Thomas Tuchel.
Chelsea sacked Potter following Saturday’s 2-0 defeat to Aston Villa.
The club have announced one of Potter’s assistant’s, former Brighton skipper Bruno Saltor, will take charge of the team for Tuesday’s Premier League clash against Liverpool at Stamford Bridge while they hunt for a replacement for the 47-year-old, who replaced Tuchel in September.
Potter won just 12 of his 31 games in charge despite the club splashing out over £320 million in the January transfer window.
“Graham has agreed to collaborate with the club to facilitate a smooth transition,” co-owners Todd Boehly and Behdad Eghbali said in a statement.
“On behalf of everyone at the club, we want to thank Graham sincerely for his contribution to Chelsea,”
“We have the highest degree of respect for Graham as a coach and as a person.
“He has always conducted himself with professionalism and integrity and we are all disappointed in this outcome.
“Along with our incredible fans, we will all be getting behind Bruno and the team as we focus on the rest of the season.
“We have 10 Premier League games remaining and a Champions League quarter final ahead. We will put every effort and commitment into every one of those games so that we can end the season on a high.”
Chelsea sit 11th in the table and are in grave danger of missing out on qualification for European football next season.
The Blues face holders Real Madrid in the quarter-finals of the Champions League later this month and could potentially meet Tuchel’s Bayern Munich side in the semi-finals if the German champions defeat Manchester City in their last-eight tie.
Potter joined the Blues from Brighton, with a compensation fee of £21.5 million paid to the Seagulls for their manager and his backroom team.
Chelsea last week announced losses of over £120 million in their latest accounts with several players expected to be sold in the summer.