Dutchman Ricardo Moniz has turned down the chance to manage Notts County because of "family reasons".
The former Tottenham Hotspur coach seemed poised to take over from Shaun Derry, who was sacked last week with the Magpies 20th in the League One table.
However, Notts confirmed on Wednesday that they were no longer in discussions with ex-Ferencvaros and 1860 Munich boss Moniz, who was unable to commit to the role due to unforeseen problems at home.
Chairman Ray Trew told the club's official website: "I am obviously bitterly disappointed that we couldn't finalise the deal for Ricardo because I saw in him something that I felt would give the club a real lift and would excite our supporters.
"However, I fully understand and respect his decision to put his family first after the sudden change in his circumstances and I wish him all the very best for the future.
"Whilst this is a setback, it hasn't diminished in the slightest my enthusiasm for bringing in the right manager and I am now looking forward to continuing negotiations with some of the other candidates who we have been talking to in recent days."
Moniz was part of Martin Jol's backroom team at Spurs between 2005 and 2008 and followed his compatriot to Hamburg, where he spent two years before becoming the first manager to win the league and cup double in Austria with Red Bull Salzburg in 2011-12.
Paul Hart and Mick Halsall remain in caretaker charge at Meadow Lane, while Dave Kevan has left Forest Green Rovers to rejoin the coaching staff.
