Unai Emery will reportedly turn down any approach from Newcastle in favour of staying with La Liga side Villarreal, despite their mammoth offer.
The former Arsenal boss emerged as the first-choice option to lead the new era on Tyneside this week.
A deal between the two parties was expected to be announced before the Magpies take on Brighton at the weekend, one which would see the Spanish manager net a reported £7m salary.
However, talkSPORT report that this is no longer the case. They claim Emery has decided to stay in his role in Spain instead of moving back to the Premier League.
Newcastle's new owners were prepared to fork out not only Emery's substantial wages, but also a £6m compensation fee to Villarreal.
The 50-year-old would have become the Premier League's third highest-paid manager, behind only Man City's Pep Guardiola and Liverpool's Jurgen Klopp.
Emery has a decorated CV and was seen as the ideal candidate to steady the ship at St James' Park this season.
Who should Newcastle turn to now? Let us know in the comments section.
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He won Ligue 1 with Paris Saint-Germain and has secured a remarkable four Europa League trophies.
But this season his Villarreal side are languishing in the bottom half of the La Liga table, a factor which Newcastle directors Amanda Staveley and Mehrdad Ghodoussi hoped would play into their hand.
Instead, Emery has opted to honour his contract in Spain, as had been predicted by the club's president Fernando Roig.
He reacted to the links by saying: "Emery is very happy here. I am sure that his mind is not drifting elsewhere. Unai has a contract with us.
“It is not a Villarreal decision, and when it is not a Villarreal decision, contracts are there to be fulfilled.
“We hope that we will be able to see that contract through until the end."
And if the reports are true, then Roig has his wish.
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