Nash would reportedly prefer to spend time with his family for now, as the 6-foot-3 Canadian is still less than two years removed from retirement.
The 41-year-old spent 10 seasons in Phoenix, where he was the catalyst for the Suns' famed 'seven seconds or less' offense and collected back-to-back MVP awards. He averaged 14.4 points and 9.4 assists while shooting 42.8 percent from 3-point range as a Sun.
Nash currently works as both a consultant for the Golden State Warriors and the general manager of the Canadian senior men's national team.
Mike D'Antoni - one of Nash's coaches during his Phoenix tenure - was also reported to be a candidate back in January, after two of Jeff Hornacek's assistants were canned.
For now, Phoenix will reportedly look at assistants Earl Watson, Corey Gaines, and Nate Bjorkgren to fill the head coaching vacany on an interim basis.