There were reports that along with Australians Tom Moody, Dav Whatmore, Dean Jones and Greg Chappell, he was also in contention for the high-profile job.
Waugh, cited family reasons for not throwing his hat into the ring as he wants to be with his kith and kin for most of the time. However, he was quick to add that he was open to any short-term assignments.
In a career spanning over two decades, Waugh had captained Australia to glory in 1999 World Cup. There was widespread interest over him taking up a long-term coaching assignment in India because of his standing in the country where he began a school for destitute children.