Halilhodzic left Trabzonspor at the start of the month after falling out of favour with the club chairman İbrahim Hacıosmanoğlu.
The Black Sea based side and Halilhodzic agreed upon a €980,000 severance deal.
Speaking to the Italian sports website Tutto Mercato, Halilhodzic said, “I am not going to become the new coach of Bosnia nor will I consider taking the job.”
Bosnia have been on the hunt for a new manager after sacking Safet Susic this week.
Susic guided Bosnia to its first World Cup tournament this summer in Brazil.
(Source: Turkishfootball)