Vitor Pereira has said he will not be taking the reins at Everton, with the former Porto coach withdrawing as a potential candidate.
The 51-year-old is currently in charge of Chinese Super League side Shanghai SIPG and has confirmed his desire to stay with the team, telling Sky Sports:
"It's always an honour, and I am utterly grateful to be considered on a list by a club that I have so much respect for.
"At this point, I am still the coach of SIPG, a club close to my heart in a country that is growing immensely in football.
"Currently, I am not in a position to make any other commitments. I cannot decide now. I need time to think and plan my future by looking at all the options I have.
"It's a league I love, and yes, for sure, I would love to consider an opportunity in the future."
According to Sky Sports, Everton reportedly wanted to announce Pereira as their new coach before Sunday's Premier League visit to Manchester United. However, the Shanghai club are believed to have offered the former Olympiacos and Fenerbahce coach a £25 million-per-year deal to stay in China.
Duncan Ferguson was installed as caretaker boss after the sacking of Marco Silva on Friday. Everton lost Silva's last league game 5-2 at Liverpool, but the Toffees recovered to beat Chelsea 3-1 on Saturday under former striker Ferguson.
The Scot could now be given more time on Merseyside to guide a club where he's an established hero. Ferguson spent two successful spells at Everton as a player and remains hugely popular with the Goodison faithful.
According to The Athletic (h/t Adam Powers of the Daily Express), Everton's board are at loggerheads as to who to appoint as Silva's successor. Majority shareholder Farhad Moshiri reportedly wants to install a big-name international coach, but chairman Bill Kenwright prefers to hire a homegrown British manager.
Ferguson could fit the profile, and his immediate success against Chelsea will have turned heads behind the scenes.