The Bulgarian is a legend at Villa Park - forced to retire from playing in 2013 following a diagnosis of acute leukaemia - but made an effort nonetheless to return to first-team action this summer.
Di Matteo elected not to offer a new contract to Petrov, who has been linked with a player/coach role with non-league side Nuneaton Town, and so the 37-year-old is considering a future in the dug-out – and one vacancy involves his former employers.
Speaking to talkSPORT, he said: “I have always been honest with myself and I know that I am not ready for that job. I know one day I will become [Villa manager], but it is way too early for me.
“They need a good manager, an experienced manager, who can bring stability to the club. It is about results. If you don't get results, you obviously don't stay in your job.
“Fans expect the club to get promotion back to the Premier League but instead of getting closer they went further and further so I'm not really surprised that the chairman made the decision and made it very quickly.
“They have done quite good business [in the summer], they have a very, very good team, but it just seems that the manager couldn't get them to play, to build them, to make the balance, to make them play together.
“The chairman made a very quick decision because he knows he needs somebody who can change it quickly because he wants this club back in the Premier League. To do that, he needed to make a dramatic decision, and he made it.
“We wait and see who will be the next one and I hope he can do a better job.”Reuse content