Aston Villa are set to go down to the Championship at the end of the season.
Remi Garde was sacked as the Villa manager earlier this week, with Eric Black taking temporary change of the first team.
Petrov is a former Villa player and is very popular among the fans, but he does not want the managerial job, claims The Sun.
“Stiliyan Petrov has ruled out moving upstairs from his coaching role at Aston Villa to manage the first team,” states the report in The Sun. “The Bulgarian does not fancy the job despite calls from fans.”
Petrov knows Villa inside out, but it would be better for the Premier League outfit if they look at someone else.
The 36-year-old former midfielder does not have any experience of managing a football club, and the Villans cannot take a gamble on him.
With Villa set to get relegated to the Championship at the end of the season, the club need to find someone who knows the division well.
The Championship is a very competitive and hugely tough domestic league, and the Villans would find it tough to get promoted rightaway.
Perhaps Nigel Pearson would be a managerial appointment for Villa.