Peter Taylor has withdrew from contention to become Charlton's new manager.
The Hull manager announced he would be staying at the KC Stadium next season, despite being interviewed for the Addicks vacancy.
Taylor looked a firm favourite to replace Alan Curbishley when he spoke positively about the interview with Charlton officials, however he has now declared himself committed to the Tigers.
Although he admits the Premiership challenge was tempting, Taylor said: 'I had an interview much earlier in the week but have decided I no longer wish to be considered for it.'
He told Sky Sports News: 'I am very, very happy at Hull City and very proud of what has been achieved.
'If you get the chance to speak to a very good Premiership club, I think that would interest most people.
'But I've never been 100% happy leaving Hull City. I'm very happy there and always have been.'
Taylor, who is also the England Under-21 boss, looked to be Charlton's number one target, although he had been keen to play down his chances of landing the job.
Mick McCarthy and Colchester boss Phil Parkinson have also been linked with the south London club, and they may benefit from Taylor's surprising about-turn.
The 53-year-old former Leicester boss spoke of it being 'a privilege and an honour' to have spoken with Charlton but tonight conceded he had not convinced himself it was the right move.
Taylor said: 'If you've then got the chance to go into the Premiership it's a fantastic challenge.
'I would expect any one of my players to want to play in the Premiership, to want to move on and better themselves.'
Taylor has led Hull from League Two into the Coca-Cola Championship and believes there is more scope for progress.
He told Sky Sports News: 'What has been achieved at Hull I'm very proud of. I've been here three and three quarter years and still think there is a bit to do.
'The more I've thought about it (the Charlton job), I've said to myself that it's not for me.'
Taylor hopes to take Hull closer to the play-offs next season and insists his decision to turn down Charlton has nothing to do with speculation he might be involved with England at senior level during Steve McClaren's reign as national team boss.
Taylor stressed he did not yet know whether he would be required to carry on in the England set-up at any level.
'That'll be down to Steve McClaren,' said Taylor. 'He makes those decisions.'