Luton boss Mike Newell has rejected the chance to take over as Leicester boss and pledged his future to the Hatters.
Newell spent nearly two years as a player with Leicester
The 41-year-old had two interviews for the vacant position at the Walkers Stadium but has opted to remain at Kenilworth Road.
The former Hartlepool manager, who took over in June 2003, said: "I have made my decision to stay at Luton and I am very happy with that decision.
"I thank Leicester City for their interest in me and wish them well."
Newell guided Luton to the League One title last season, and in their first season back in the Championship they are just seven points off the play-offs.
In a club statement, Luton chairman Bill Tomlins said: "Michael has acted very professionally regarding the interest shown in him and being mindful of all the speculation, he has kept me fully informed of the situation over the past week.
"I am delighted that he has decided to stay at the club and will continue to be part of our footballing ambitions for the future.
"I am sure, like me, all our supporters will be pleased by Michael's decision."