According to transfer expert Fabrizio Romano, the 55-year-old was approached by the Italian Football Federation but decided this week not to accept the role.
Instead, Guardiola wants to spend more time with his family and recharge after a remarkable 10-year spell in charge of Manchester City.
During his time at the Premier League club, the Spaniard won 20 major trophies, including six Premier League titles and the UEFA Champions League, cementing his place as one of the most successful managers in the club's history.
Guardiola's decision is another setback for Italy as the federation continues its search for a new head coach.
Carlo Ancelotti is also not expected to take the job, with the experienced Italian reportedly committed to remaining in charge of Brazil through the 2028 Copa America and the 2030 FIFA World Cup.
With Guardiola and Ancelotti both out of the running, Italy is now believed to be considering several other candidates. Former Azzurri bosses Antonio Conte and Roberto Mancini are among the leading names, while World Cup-winning midfielder Andrea Pirlo has also emerged as a possible option.
The Italian Football Federation must now turn its attention to those alternatives as it looks to appoint the manager who will lead the national team into its next chapter.
Jack Grealish has dismissed suggestions that he was dropped from Manchester City's pre-season tour, insisting he is still recovering from injury rather than being left out by head coach Enzo Maresca.
Chelsea have completed the signing of defender Maxence Lacroix from Crystal Palace in a deal reported to be worth 52 million pounds.
Newcastle United have decided to amicably part ways with manager Eddie Howe just a few weeks ahead of the upcoming 2026/27 campaign.
Tottenham manager Roberto De Zerbi has made it clear he wants Lucas Bergvall to remain at the club, but insists no player can expect an automatic place in his starting line-up.
