ESPNsoccernet understands Alan Curbishley has turned down the Wolverhampton Wanderers job.
Curbishley has been out of work since leaving West Ham United in 2008, but he was believed to be the frontrunner to replace Mick McCarthy at Wolves after being interviewed for the position on Friday, with chairman Steve Morgan having earlier said: "He's got a great track record, he's been there and done that before and he's exactly the calibre of person that we're looking for."
However, Curbishley turned down the position on Saturday after having been offered a contract until the end of the season, with the 54-year-old only willing to accept a longer term deal.
Chief executive Jez Moxey said at the weekend: "This job requires a certain type of manager and someone who is going to give us complete commitment and enthusiasm.
"'We would only ever appoint somebody who clearly demonstrated to us that they really want the job."
Steve Bruce was also reported to be reluctant to accept a short-term contract, but the Express & Star says the former Wigan and Sunderland manager is "definitely still in the running". Former Sunderland and Ipswich Town boss Roy Keane is also an option.