Milan coach Leonardo has strongly hinted he will leave because of a disagreement with club owner Silvio Berlusconi and out-of-work former Netherlands boss Van Basten was seen in the media as a top candidate to replace the Brazilian.
"I'm not ready, I still have a problem with my ankle and I have to sort it out. I can´t do heavy work like being a coach," the former Milan striker told reporters on an unrelated visit to Italy.
Leonardo, whose stuttering side secured third spot in Serie A on Sunday despite a 1-0 defeat at Genoa, is likely to announce his plans for the future after this Sunday´s final game of the season with Juventus.
Milan youth coach Filippo Galli, assistant coach Mauro Tassotti and former Cagliari boss Massimiliano Allegri are among the favourites with bookmakers to take over.
The appointment of rookie Leonardo last year was seen by fans as a cheap gamble as Berlusconi looks to slash costs at the club.
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