The Swiss team suddenly split with Monisha Kaltenborn following a disagreement with new owners, and it had been rumoured Colin Kolles was on pole to replace her.
Acting boss Beat Zehnder said in Baku: “We are talking to some candidates and I hope we can announce it sooner rather than later.”
But the long-time Sauber team manager said he is not in the running.
“No. I cannot run a company of 350 people, and I would not burden my wife with that either,” he smiled to Blick newspaper.
Graeme Lowdon was mentioned as another potential candidate, but Le Matin newspaper said Frenchman Vasseur is actually the frontrunner.
Indeed, Sauber owner Pascal Picci told the Swiss newspaper: “We are in discussions with Vasseur, but nothing is official. There are other candidates.”
However, Blick newspaper said Picci and Vasseur met at Sauber’s Hinwil headquarters on Thursday.