M’Vila has been linked with the likes of Arsenal, Tottenham and Manchester City over the summer.
“He will not be in England,” Sernin told RMC.
“Tottenham passed on the player at 19:30 on Thursday.
“He is 95 per cent likely to remain with Rennes, unless a Russian or Ukrainian club make an offer – sporting wise that would not be attractive but economically it would be very positive.”
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Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.
Newcastle United are staring down the barrel of relegation to the Championship for the second time in the past eight years.