Manuel Pellegrini says he won't take the open Chile job as Jorge Sampaoli finally agreed to a buyout.

Pellegrini's future at Manchester City is uncertain as Pep Guardiola is widely expected to take that job next season.

"I hope to remain with competitive teams in Europe, I am not thinking about returning to Chile at least for the next three or four years," the veteran manager told Radio Cooperativa.

Marcelo Bielsa is rumoured to be a candidate to replace Sampaoli, who coached Universidad de Chile in 2011-12 to three league titles and the Copa Sudamericana championship.

Pellegrini did offer his services for the World Cup if he was needed.

"If it is something, like the next World Cup, to which I could bring my experience in other leagues, surely, I would consider it," Pellegrini said. "As for now, I would like to have the project of a club at which I am competing each week."