Conte has been at loggerheads with the Chelsea board for a number of months and is believed to be considering a departure from the club at the end of the season.
According to The Times, however, Simeone has told the Blues hierarchy that he is not interested in taking the reins at the West London outfit.
The report claims that the 47-year-old's limited English and preference for a Latin lifestyle are the primary reasons behind his desire to avoid a move to the Premier League.
Despite his reservations about a move to England, the report adds that Simeone would consider an approach from Manchester United due to the stature of the club.
Jose Mourinho is currently in charge at Old Trafford and has signed a new deal until 2020, which is when Simeone's contract expires in Madrid.