Rangnick confirmed last week that Bayern had been in touch regarding the possibility of him taking over ahead of next season.

Bayern is aiming to fill an impending void, with current manager Thomas Tuchel set to leave the club at the end of the campaign.

But Rangnick has confirmed he will be staying put, though he insisted he did not "reject" Bayern.

"I am national team coach of Austria with all my heart," he said in a statement released by the Austrian Football Association (OFB).

"This task brings me a lot of joy and I am determined to continue down the road we have started.

"I want to clearly stress that this is not a rejection of Bayern Munich but rather a decision for my team and our common goals."

"We are fully focused on the Euro. We will do everything we can to go far.

There have been calls from some Bayern fans for Tuchel to stay in charge, with some going as far as to sign a petition.

Bayern wanted to appoint Xabi Alonso as Tuchel's successor, but the former midfielder has elected to stay with Bayer Leverkusen.

While Leverkusen stormed to the Bundesliga title to end Bayern's 11-year dominance of the competition, Tuchel's team can still salvage silverware in the form of the Champions League.

Bayern heads into the second leg of its semi-final tie with Real Madrid on the back of a 2-2 draw in Munich in the first leg.