Schelotto was offered the job of manager at Gimnasia la Plata to replace Diego Maradona after he passed away on Wednesday, but the former LA Galaxy manager turned it down.
According to 'Radio La Red', Gimnasia La Plata had wanted to bring in the Argentinian but the contract talks fell through early on.
It still seems like Schelotto will return to his home country for his next job but his future is now uncertain in both the short and medium-term.
The decision is said to have surprised the Argentinian outfit, who had expected him to jump at the chance. In the end though, it just wasn't to be.