The Whites have been searching for a new boss after they parted company with Jesse Marsch earlier this week.
They have been linked with several names including Carlos Corberan and Andoni Iraola.
And now the Peacocks have suffered another blow in their hunt for a new manager, with Gallardo also not keen to move to Elland Road.
The Argentine boss enjoyed an enormously successful career with River Plate. He has guided the club to an incredible 15 trophies, including two Copa Libertadores.
The 47-year-old is regarded as the South American club’s most successful coach to date.
Gallardo departed River Plate in November but rejected the opportunity to become the new Leeds manager.
He reportedly wants to start a new project in the summer, so he can assemble his own squad.
The Leeds job is unappealing
The Leeds job is unappealing for any top manager, and it is easy to see why.
The Whites are one point above the relegation zone and are one of the favourites to drop down to the Championship.
They have made some signings in January, but recent performances haven’t been very encouraging.
It will be a massive task for a new manager to keep them in the top flight.
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