Milan Mandaric has closed the door on a potential return to Portsmouth.

Speaking after reports linking him with a homecoming to troubled Fratton Park, the Leicester chairman has revealed he cannot meet the expectations of the club's fans or those of himself.

But he insists he will return to a football club somewhere in the country whenever it is that Leicester's new Thai owners decide his services are no longer required at the Walkers Stadium, with Mandaric hoping their takeover will be ratified by the Football League later this week.

The Serbian-American businessman, 72, spent eight largely successful years in charge at Portsmouth before selling the club in 2006.

Speculation had been mounting, fuelled in some part by quotes from Mandaric himself, of a sensational return to the south-coast outfit as they look to turn their dismal fortunes around following administration and relegation.

But Mandaric has now confirmed that will not be the case.

"As you guys know, I've been here for 11 years and I love the game. I'm not here for business or making money," he said.

"I intend to stay here, I love the country and I love the game. One day when my owners (at Leicester) say 'chairman, we don't need you any more you can go', then I'll still be in football somewhere.

"It would unfair of me to speculate about going back to Portsmouth, I think Portsmouth should take care of their own problems now.

"I'm going to say it maybe for the first time now after all the speculation, I don't think I can meet the expectations of the great supporters over there that I love so much and my own expectations if I go back at this time.

"So for that reason I'm ruling myself almost out of that.

"Eventually I will end up somewhere in football whether you like it or not, you can't get rid of me that soon."

Mandaric meanwhile insists he will not necessarily leave Leicester as soon as their forthcoming takeover is complete.

"I will walk away when I see I am not needed here at all, and when my owners fire me," he added.

"I'll be here until everything is done and everything is smooth. We have a great relationship here."