Harry Redknapp says the vacant Chelsea manager's position would be a "dream job" for anyone to take on, but he insists is not the right man to succeed Andre Villas-Boas.
Villas-Boas' eight-month tenure as Chelsea boss came to an end on Sunday after he paid the price for a poor run of form which has seen the Blues drop out of the top four in the Barclays Premier League.
Pep Guardiola, Jose Mourinho and Rafael Benitez are among the bookmakers' favourites to succeed the 34-year-old Portuguese, but Redknapp's name has also been linked with the position.
The Tottenham boss, who is the overwhelming favourite to become the next England manager, admits the wealth on offer to the incoming boss makes the post at Stamford Bridge an attractive position, but he says he will not take up the role.
"It would be difficult. I wouldn't be able to come back to north London," he said, with a smile. "So no, I will pass on that one."
Despite Roman Abramovich firing six managers since taking over in 2003, Redknapp maintains the Chelsea job is one of the most appealing in world football due to the financial backing of the club's billionaire owner.
"It's a club you can win a championship at because the owner has spared no expense," Redknapp said.
"He has built the most incredible training ground, and they buy top-level players.
"They have top players so it's a dream job for someone to go there and make a success of it, whoever they take.
"So many people would love that job and the chance to work at a great club with the backing that the manager gets there."
There is a large element of sympathy within the game for Villas-Boas, who was appointed last summer after winning an incredible quadruple with FC Porto in his first full year in management.
The Portuguese faced the unenviable task of turning an ageing Chelsea squad in to title contenders while simultaneously challenging for the competition that Abramovich craves the most - the Champions League.
Redknapp admitted he was sad to see Villas-Boas lose his job, but concedes that Abramovich has every right to make a change.
"He owns it, he pays massive wages to the managers and if he doesn't get the success he wants then he is in a position where he is not going to sit back and do nothing," Redknapp added.
"Those are the rules you have to work under.
"When you go there you have to be successful. If not you are not, you're not going to last. That's how it works."
Redknapp thinks Mourinho, who won five trophies during a three-year spell at Chelsea, could return to Stamford Bridge, although he reckons luring the 49-year-old from his current employers Real Madrid may be difficult.
"He was fantastic when he was here in England," Redknapp said.
"He is a character. He was great at his job. There was no doubt about that.
"He beat Barcelona on the way to winning the Champions League and he is now at Real Madrid.
"He is a great personality and you just wonder if he would come back here...it would be difficult to leave a club like Real Madrid, that's for sure, but who knows, Chelsea could be the one club who could tempt him."