Bayern wanted Rangnick to replace Thomas Tuchel, who will leave at the end of the season.
But former Manchester United boss Rangnick said this morning in a statement: I'm the Austrian team coach with all my heart.
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I really enjoy this task and am determined to successfully continue on our chosen path.
I would like to expressly emphasise that this is not a rejection of Bayern, but rather a decision for my team and our common goals. Our full concentration is on the Euros. We will do everything we can to get as far as possible."