consider taking over the vacant job in charge of Nigeria.
He was one of seven coaches on the Nigeria Football Federation’s wish-list to lead the nation at June’s World Cup.
Shehata had initially said he would be interested in a short-term role.
“I received many offers but the Egypt FA closed the door on them and announced that I will continue until the end of my contract,” he said.
His current contract with the newly-crowned African Champions runs until 2012.
He joins Bayern Munich’s Dutch coach Louis van Gaal in rejecting the chance to replace Shaibu Amodu, who was sacked on Saturday.
Russia boss Guus Hiddink is reportedly the number one target and is joined by Englishman Peter Taylor, ex-Ghana coach Ratomir Dujkovic, Bruno Metsu and Giovanni Trapattoni, who is currently in charge of the Republic of Ireland.
The Super Eagles are in Group B for the World Cup alongside Argentina, Greece and South Korea.