The 42-year-old has been without a managerial role since the end of last season following his departure from former club Juventus.
Salernitana, who currently sit bottom of the league, sacked manager Stefano Colauntuano at the weekend and rumours immediately emerged that Pirlo was in talks with the struggling top flight side.
Italian outlet Football Italia reported on Monday that the former midfielder was the front runner for the job and was due to be given a long-term contract.
It was suggested that Pirlo would keep his job even in the event of Salernitana being relegated to Serie B.
There were also suggestions that Colauntuano's predecessor, Fabrizio Castori, could return given he would've been under contract having only been dismissed in October.
However, transfer expert Fabrizio Romano says Pirlo has turned down the chance to join Salernitana.
Romano also confirmed that the job will instead go to Davide Nicola, who had been manager of Torino FC until June 2021, dispelling rumours of Castori's return.
In the meantime, it has been stated that Pirlo will continue to wait for further managerial vacancies in his effort to relaunch his coaching career.