Les Elephants are currently led by Vahid Halilhodzic but he is under pressure after failing to guide the team past the quarter-final stage at the recent CAF Africa Cup of Nations.
Halilhodzic's contract is due to expire after the finals in South Africa but it has been reported the Ivorian FA are looking to make a change before the summer. Gerets' comments seem to back that up, although the Belgian has ruled out combining the post with his current job at Saudi Arabian side Al Hilal.
"I've looked at it but I cannot combine the two jobs," Gerets told Laatste Nieuws. "I have therefore decided not to accept the proposal from Ivory Coast. If you want to work professionally in a club, you need a lot of time."
Guus Hiddink has also been linked with Côte d'Ivoire as he is not due to take up his role with the Turkish national side until after the finals.