Instead, the Italian is setting his sights on one day taking the reins of his country’s national side and possibly taking in a spell at Scottish champions Celtic.
Mancini took in three-and-a-half seasons with City, guiding them to the English top-flight crown in 2011-12.
He has been linked with several posts since then, having seen a second stint at Inter come to a close, with Leicester City said to be keen on acquiring his services after parting with Claudio Ranieri.
Mancini has, however, shunned any interest shown in him from England and China.
He told the Sunday Post: “In the future I would love to coach the Azzurri. To lead your country is the crowning ambition for any coach.
“For the moment, though, I want to continue working with club teams.
“I do not think I will go to China. They called me, but I said no because, for me, the real place for football is in Europe.
While ruling out an imminent return to the Premier League, Mancini has admitted that the opportunity to take in European nights at Celtic is something that could appeal to him in the future.
He added: “The Scottish fans are the best in the world, I love them.
“In one way it would be nice to see Celtic and Rangers in the Premier League, but I don’t think it will ever happen because it would also be the end of Scottish football.
“I want to add one thing. If Celtic were to build a team strong enough to regularly compete in the Champions League, I might decide to manage them one day.
“For me, that is the next step for them, and one which I believe they are trying to take.
“Winning the league has become normal for them. They have the fans and the history. Now they have to strive to become an important player at the top level in Europe.”