Strasbourg hit-man Ljuboja was targeted as a possible replacement for Drogba (pictured), but the 24-year-old decided that the move was not right for him.
He said: "Guingamp coach Bertrand Marchand called to tell me he wanted me to replace Drogba.
"It pleased me but, after giving it some thought, I decided to politely refuse the offer. Guingamp is a good club but it is not the sporting challenge I am looking for."
Guingamp may now turn their attentions to Sedan striker Henri Camara. However, the Senegal star has also been eyed by Rennes, after talks with Marseille and Lyon fell through some weeks ago.
Rennes could also soon have the services of Fulham defender Abdeslam Ouaddou and Montpellier star Cedric Barbosa.
Both players have been linked with a move to the club, with Barbosa close to signing a three-year contract.
