The Potters axed Gary Rowett on Tuesday with the side 14th in the Championship and eight points adrift of the playoffs.
Jokanovic has been without a job since he was sacked by Fulham in the middle of November.
The Serbian had guided the Cottagers to the Premier League last season after beating Aston Villa in the playoff final.
But according to Telegraph's John Percy, Stoke have failed to convince Jokanovic to step back into management.
He wrote on Twitter: "Slavisa Jokanovic was a contender to replace Gary Rowett, but understand it will not be happening. Jokanovic is not ready to return to management just yet, after his sacking at Fulham."
More to follow…
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