Newcastle United are now looking at ex-Bournemouth boss Eddie Howe as their possible next manager.
The Magpies were rejected by Villarreal boss Unai Emery, who announced his commitment to the Spanish club in midweek.
Toon's new owners will now turn to alternative targets.
Those include Howe, who is highly rated due to his success with the Cherries, according to the BBC.
Graeme Jones is likely to continue in an interim role for the game against Brighton on Saturday in the Premier League.
Belgium boss Roberto Martinez and former Borussia Dortmund coach Lucien Favre are also under consideration by the Magpies' power brokers.
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