The Italian chief, 52, is currently out of work after terminating his contract at Inter Milan immediately after winning the Serie A title last season.
As part of the deal, Conte is not able to take over at another Italian top-flight club until the start of the 2022-23 season.
Because of that, the former Premier League-winning boss has attracted attention from overseas.
Instead, the former Chelsea chief will bide his time and wait for a ‘new project’ next season.
Conte had been linked with the top job at Tottenham in the summer to replace Jose Mourinho, following Ryan Mason’s stint as interim manager.
Conte was later tipped to succeed Ole Gunnar Solskjaer at Manchester United should the Norwegian be axed.
However, United have started the 2021-22 season strongly – but for their shock Carabao Cup exit at the hands of West Ham – with Solskjaer’s position seemingly safe, for now.
At the time, Sky Sports journalist Gianluca Di Marzio revealed Conte would only accept a ‘winning project’, with Arsenal and Spurs not sharing his vision.
“So I don’t think he would accept Arsenal and that is why he said no to Tottenham.
“I think he would only accept if say Manchester United called.”