The 35-year-old was immediately earmarked as a leading candidate to succeed Graham Potter following his sacking last month.
The German was immediately available as consequence of his own sudden departure from Bayern Munich, but Chelsea were always keen to take their time and consider a number of different potential head coaches.
Nagelsmann held a second round of talks with the west London club’s hierarchy earlier this week following which he is said to have informed Chelsea that he was no longer interested in the job.
According to Sport1, Nagelsmann wants a ‘project that is on solid ground’ for his next job and the chaos at Chelsea has put him off one of the most coveted roles in world football.
Responding to claims he had cancelled a further round of talks with Chelsea, meanwhile, Nagelsmann told Sky Sports Germany on Friday: ‘To cancel something, you have to commit to something first.’
Todd Boehly has spent over £600million on new players inside 12 months with the majority of new recruits tied to lengthy deals, in some instances as long as eight years, in an attempt to meet UEFA’s Financial Fair Play regulations.
The majority of those new players have failed to settle and make instance impacts. Any new manager would be forced to work with the likes of Marc Cucurella and Mykhailo Mudryk and potentially sell players they would prefer to keep and built around.
Boehly, meanwhile, admitted he had made mistakes during the first turbulent 12 months of his tenure while addressing attendees at a private event at Stamford Bridge earlier this week and will now turn his attention to appointing the third manager, including interim boss Frank Lampard, of his reign.
Mauricio Pochettino has emerged as the new favourite but The Athletic insist there remains an unknown candidate still in the running who Chelsea have managed to keep under wraps.
MORE : Julian Nagelsmann makes shock decision over Chelsea manager’s job
MORE : Arsenal hold talks to sign Chelsea star Mason Mount ahead of Liverpool and Man Utd
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