Atletico Madrid have rejected an approach from the Argentine Football Association (AFA) to discuss the possibility of Diego Simeone becoming the new national team coach.
Argentina are still reeling from their Copa America Centenario final defeat to Chile and the subsequent retirement of Lionel Messi.
It was confirmed on Tuesday that current coach Gerardo Martino would remain in his position for the Olympics, despite suffering penalty heartache at the hands of Chile for the second time in as many years.
But questions remain over the former Barcelona boss's long-term future and it appears Simeone has been identified as a prime target.
"The AFA called me regarding Simeone [about coaching Argentina] and I told them no," Atleti president Enrique Cerezo is widely quoted as telling radio show Tiempo de Juego.
Simeone has built a reputation as one of the best coaches in the world having guided Atleti to the Liga title in 2014 and to the Champions League final in two of the past three seasons.