He led Italy to World Cup glory in 2006 but his side were dumped out as holders in the group stage in South Africa last year.
The 62-year-old has not worked since but is itching to get back.
"I will return if a situation turns up that I like," Lippi, who reports said held talks over the Ukraine job last year, told reporters.
"I want to do another two or three years but not in Italy, abroad."
His former side Juventus have long been linked in the media with Lippi given their recent struggles but one of their most successful coaches is adamant he will not go back to Turin even if Luigi Del Neri departs at the end of the season.
"Every time the team have had difficulties in recent years my name has cropped up. There was contact but a few years ago," he said. "I won't return in Italy."
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