Manchester City have announced that Roberto Mancini has agreed a new deal to remain as manager at the Etihad Stadium until 2017.
Mancini had been strongly linked with the role of Russia boss following the departure of their head coach Dick Advocaat at the end of Euro 2012.
The Russian Football Union (RFU) is set to release a list of candidates on Tuesday and it had been expected that Mancini's name would be included.
Reports had suggested that Russia, with the help of oil giants Gazprom, were ready to break the bank to land Mancini as they build towards the 2014 World Cup qualifying campaign.
However, they will have to consider other options as Mancini is not available after agreeing a new long-term contract with Manchester City.
The Italian has been in charge of the club since replacing Mark Hughes on a three-and-a-half year deal in December 2009.
There have been times when his position as manager has come under scrutiny, but City have made considerable progress over the past couple of seasons.
Having lifted the FA Cup in 2011 and secured a place in the UEFA Champions League, the club performed even better last season as they won the Premier League title in dramatic style.
Mancini still had a year to run on his existing contract but has now agreed fresh terms to commit his future to City and quash speculation of a possible exit.
He told the club's official website: "I am delighted to be able to give all of my efforts to Manchester City for a further five years. The opportunity which exists to build on our recent success is enormous.
"Manchester City is a fantastic football club, from the owner, chairman, board and the executive team, through to the players, staff and fans. I am very much looking forward to the challenges and excitement ahead."
Interim chief executive officer John MacBeath added: "Roberto's managerial credentials have been well proven in Europe for many years and in leading a team which has won the FA Cup and an unforgettable Barclays Premier League title in successive seasons, his ability to manage in the English domestic game is also undisputed.
"This new agreement allows Roberto to focus on the challenge of guiding a team which is capable not only of defending the Premier League title, but one which can compete for European honours."