Unai Emery has rejected the chance to become Newcastle United manager and will stay at Villarreal.
Newcastle made Emery their first choice to replace Steve Bruce on Tuesday and he confirmed he had been approached by the club ahead of Villarreal's Champions League clash against Young Boys on Wednesday.
But the former Arsenal boss released a statement on social media on Wednesday turning down the opportunity and will remain in Spain.
Newcastle appoint Howe as new manager
"For all the noise there was yesterday in another country, inside the club there was transparency and loyalty with the Roig family and with my squad, which is the most important thing," wrote Emery.
"Villarreal CF is my home and I am 100 per cent committed. Honestly, I am grateful for the interest of a great club, but even more grateful to be here and that is why I communicated to Fernando Roig my decision to continue being part of this project, thanks to the commitment and respect that I feel from the club and my players, which is mutual.
"I want to thank the fans for the support they have always shown me. On Sunday we have a very important game and I hope we can together get victory. See you at the Estadio de la Ceramica."
The Premier League club were recently taken over by a Saudi-led conglomerate making them one of the wealthiest clubs in world football, with ownership and fans alike seeking a new manager to lead them into a new era of success and riches. Reports suggested that Newcastle had made Emery one of their top choices.
- Opinion: Villarreal's Emery could be perfect boss for Newcastle despite Arsenal failure
- Amnesty international to hold talks with Premier League chiefs after Newcastle takeover
But that was not enough for the Spanish manager who remained uncertain about the club's strategy, as reported by Spanish sports journalist Guillem Balague.
"Emery felt a huge pressure on the day of their match [a 2-0 win over Young Boys in the Champions League on Tuesday]," said Balague.
"And then there was the lack of a clear vision from the club. If you want him, do you approach him in such a rushed way, without an official offer and with it coming out from the English side that it is all practically done?
I don't see this move happening now this season. Maybe next year when the club's structure is clearer and the vision more defined.
Emery's Villarreal side beat Young Boys 2-0 to remain in contention for the Champions League stages, and ultimately the Spanish manager was convinced to stay after speaking with the club's owners, the Roig family.
Villarreal president Fernando Roig said he was not worried about the interest in Emery and was "sure that his mind is not drifting elsewhere".
"Unai has a contract with us and contracts are there to be fulfilled," Roig said. "We hope that we will be able to see that contract through until the end. I have no doubts about his professionalism in that respect."
Newcastle have already made approaches for new Tottenham manager Antonio Conte, Barcelona-target Xavi, and former Germany boss Joachim Low.
It was understood that Newcastle's shortlist was down to Emery and former Bournemouth boss Eddie Howe. The club also held talks with ex Roma boss Paulo Fonseca.
Howe favourite to take Newcastle job after Emery rejects Magpies - reports
Liverpool send out a warning to the rest of Europe - The Warm-Up