Girona boss Michel is said to have turned down the chance to manage in the Premier League.
The highly rated head coach has seen his team jump into the La Liga title race this season.
Girona, who are part of the City Football Group, are likely to be able to improve his financial package if he so desires.
Per AS in Spain, Chelsea figures went to Spain to talk with Michel about the Stamford Bridge hotseat.
If he had accepted, it may have led to the sacking of Mauricio Pochettino.
However, Michel is said to have turned down the proposal, which means the club will have to look elsewhere if they want a new manager in the summer.