Unai Emery has rejected advances from Newcastle and will remain as manager of Villarreal.
The Spaniard - who has previously managed Arsenal - was favourite for the Newcastle job following the sacking of Steve Bruce.
He left the position shortly after the Saudi-led takeover was completed, and the search has been on since.
A number of names have been linked to the role, but it emerged in recent days that Emery was the preferred choice.
However, in a statement released today on social media, he has reiterated his intention to stay with the La Liga club.
Endavant 🟡🟡!! pic.twitter.com/VLGarttstl
— Unai Emery Echegoyen (@UnaiEmery_) November 3, 2021
"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 at its maximum and for me is the most important thing.
"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 and reciprocal.
"I want to thank the fans for the support they have given me always shown me. On Sunday we have a very important game and I hope we can all together get victory.
"See you at the Estadio de la Ceramica."
Former Bournemouth boss Eddie Howe is now being strongly touted for the job.
Emery remains with a Villarreal side that are currently 13th in La Liga after earning just two wins from their first 11 games.
Their Champions League form is somewhat better, as they lie in second in Group F, behind Manchester United.
Today is also Emery's 50th birthday.