Ivory Coast chief Sory Diabate has revealed that talks with Sven Goran Eriksson broke down over money.
The Swede took charge of the Elephants on a short-term basis this summer, agreeing to oversee their 2010 World Cup campaign.
He saw his charges perform admirably in South Africa, but they failed to progress from a difficult group which included Brazil and Portugal.
Eriksson was reported to be keen on staying on as national coach, but discussions regarding a new deal broke down and he has since vacated the post.
Diabate, the president of the national teams committee, said on the matter: "Eriksson will not be the next coach of the Elephants.
"He was the first choice but the discussions came to nothing after difficulty arose about financial conditions, despite the good will on both sides.
"This is the place to once again thank Eriksson for the outstanding job he has done with the national team during the World Cup that has earned us the result we know."
Diabate has also been quick to play down any suggestion that Eriksson walked away from the job due to a lack of ambition shown by the Ivorian Football Federation (FIF).
He added: "It's not true. Eriksson called us and renewed his thanks and greetings to the president of FIF and members of the executive committee.
"He remains convinced that the team of Ivory Coast has huge potential and a bright future.
"He told us that his deep and sincere desire was to continue with this team. However, he regretted that it was not possible.
"He said he had never granted an interview to anyone about our discussions and denied the federation lacks ambition.
"Instead, he praised the federation and although he has left, he remains our friend, just like we remain his."
Ivory Coast are now hoping to have a new manager in place by the time they face Italy in a friendly in London on 10th August.
He added: "The consultations are continuing. For the moment nothing is yet decided, but I think we will be able to name the coach soon.
"The executive committee are deciding between two or three candidates, who I cannot reveal. Everything should be finalised before our scheduled departure for London on 7th August."