Juan Antonio Pizzi quit as Chile coach last week following the team's failure to qualify for next year's World Cup in Russia, reports Xinhua news agency.
"I have a contract with Flamengo and I'm committed to that," Rueda told reporters.
"It's a great honour to be thought of as a possible candidate but we know that this a time when a lot of national teams are thinking about appointing new coaches. I can assure you that I'm not going to make that decision (to leave)," the Colombian added.
Rueda is tied to Flamengo until the end of 2018, having replaced Ze Ricardo in August. He said his immediate task was to lead Flamengo to a top six finish in Brazil's Serie A championship, a result that would earn them a berth in next year's Copa Libertadores.
With 10 matches remaining, Flamengo are seventh in the 20-team standings, behind sixth-placed Botafogo on goal difference.
Rueda has previously coached the national teams of Colombia, Honduras and Ecuador.
Others who have been linked to the Chile job include Hebei China Fortune coach Manuel Pellegrini, Sevilla manager Eduardo Berizzo and Lille boss Marcelo Bielsa.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
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