Rafael Benitez would prefer a second go at the Liverpool job over succeeding Neil Lennon at Celtic, according to journalist Gulliem Balague.
The 60-year-old was the head coach of the Merseyside giants between June 2004 and June 2010, winning one FA Cup and one Champions League crown during his time at Anfield.
Benitez is currently out of work, having left his position with Chinese outfit Dalian Professional, and Balague has claimed that the Spaniard has "unfinished business" with the Reds.
And that is likely to end any slim hopes of the former Chelsea, Newcastle United and Real Madrid boss taking the reins in Glasgow, despite being the preferred choice for large swathes of the Hoops faithful.
"There is a feeling of unfinished business with Rafa and Liverpool, I've always said that," Balague said on his official YouTube channel. "Rafa would love to be the Liverpool manager at some point. Maybe in a time of crisis, proper crisis, not what's happening now.
"Maybe in a time where there's a need for a strong personality to steady a ship. But right now in the way that the owners are behaving and [Jurgen] Klopp and everything, that situation doesn't exist.
"How can we think that Klopp has reached the end of an era? Look at the bigger picture, how can anyone suggest that? It's laughable. It's stupid and absurd to be talking about a future without Klopp."
Benitez, who has also managed Inter Milan and Napoli in Serie A since leaving Anfield, has appeared among the early runners for the position following Lennon's decision to resign on Wednesday.
Interim boss John Kennedy, who will take charge for the weekend clash with Aberdeen, remains the favourite alongside Scotland coach Steve Clarke.
Former Bournemouth boss Eddie Howe and the ex-Chelsea manager Frank Lampard have also been mentioned among potential candidates.
