Although Sam Allardyce left the door open for a return to management, the former England manager apparently isn't interested in helping Wolverhampton secure promotion to the Premier League.
Allardyce is currently on hiatus after resigning from his post as England manager following an investigation by The Telegraph when he was captured offering advice in manipulating third-party ownership rules.
It's believed that the Football Association - while its investigation into whether to charge Allardyce continues - would not have blocked him from returning to the touchline.
However, according to Luke Edwards of The Telegraph, Allardyce is said to have rejected a move to become manager of Championship side Wolverhampton just one month after the newspaper's investigation cost him his job with England.
The former Sunderland, West Ham, and Blackburn manager is reportedly holding out for a return to the Premier League.
Wolves have been without a manager since sacking Walter Zenga after winning just four of his first 14 matches in charge.