In this paper, the best relay selection in CSI-assisted variable gain amplify-and-forward (AF) with outdated channel state information (CSI) in the presence of co-channel interference (CCI) over Rayleigh fading channels is investigated. We first derive the cumulative density function (CDF) of the effective signal-to-interference-plus-noise ratio (SINR) of both the best source-to-relay and relay-to-destination links. Subsequently, a closed-form expression for the lower bound on the end-to-end outage probability (OP) of the system under study is obtained. Moreover, we present and discuss asymptotic expressions of the OP, which reveal the diversity gain of the underlying system. In particular, it is shown that for varying interference-to-noise ratio (INR), the diversity order is reduced to zero regardless of the nature of the desired CSI (i.e., outdated or ideal), and to full diversity or diversity one for fixed INR with ideal CSI or outdated CSI, respectively. Finally, Monte-Carlo simulation results are presented to validate the accuracy of the proposed analytical framework.