Queens Park Rangers boss Michael Beale has rejected the chance to become the new head coach of Wolverhampton Wanderers.
Since the end of last week, it has been widely speculated that the former Aston Villa assistant was high up on Wolves' list of potential replacements for Bruno Lage, who they sacked on October 2.
Despite links with former head coach Nuno Espirito Santo and former Lyon manager Peter Bosz, it emerged on Tuesday that Wolves had made Beale their priority target.
The speculation came at a time when QPR were bidding to continue their strong run of form in the Championship against Cardiff City on Wednesday night.
The Hoops subsequently recorded a 3-0 victory at Loftus Road, moving to the top of the league table in the process, and it appeared likely that Beale would leave for pastures new having left the team in the best position possible.
However, according to The Telegraph, the 42-year-old has opted to turn down the chance to move to Molineux.
At a press conference earlier this week, Beale spoke at length about a decision which he may have to make, revealing that he had held "a really honest face-to-face conversation" with director of football Les Ferdinand.
Discussions would also have taken place on Wednesday and Thursday morning in anticipation of a formal approach from Wolves, which is said to have been made earlier today.
Nevertheless, despite Wolves being willing to activate a release clause marginally in excess of £1m, Beale will now look to build on his current 16-match stint at Loftus Road.
From Wolves' perspective, their next move appears to be increasingly uncertain with Beale the second candidate to formally turn down a move to the club.
Beale was only identified as Wolves' next preferred option after former Sevilla head coach Julen Lopetegui had rejected the opportunity nine days earlier.
Bosz and Nuno may still be considered, yet with the knowledge that they were not Wolves' first or second choice, while former Watford boss Rob Edwards, with his previous club connections, may now come back into contention.
Caretaker manager Steve Davis is likely to keep the reins for a fourth successive match with Wolves due to face Leicester City on Sunday afternoon.
