Venables was England's coach between 1994 and 1996
Former England coach Terry Venables has turned down the chance to take over as caretaker Newcastle manager.
Newcastle wanted to appoint Venables on a game-by-game deal but the 65-year-old preferred a fixed period contract and said there was "too much uncertainty".
Venables had been holding talks with director of football Dennis Wise and vice-president Tony Jimenez.
They are thought to have an alternative in mind, with Glenn Hoddle and David O'Leary both being linked with the job.
Newcastle had hoped to make an announcement over the vacant manager's position before the weekend as the Magpies try to find some stability in a season that is threatening to spiral out of control.
The club's Carling Cup exit to Tottenham on Wednesday was their third straight defeat since Kevin Keegan's resignation, while owner Mike Ashley is also intent on selling the club.
Venables, who is a close friend of Wise, has been out of work for nearly a year after he was sacked as assistant to former England coach Steve McClaren in November 2007.
"There is one reason and one reason alone why I've turned down the chance to take temporary charge at Newcastle - time," he told The Sun newspaper.
"Newcastle United means too much to too many people to take the job on a short-term basis. It demands total commitment and dedication from a manager who is prepared to throw himself heart and soul into the club.
I didn't want the fans to think I'd gone up there just to pocket a few quid from Mike Ashley
"I didn't want to move up to Tyneside and find myself surplus to requirements before I'd even had the chance to get my teeth into the challenge.
"The way the job was offered to me meant that I might be working at St James' Park for two months, two years - or two weeks. There was far too much uncertainty involved."
He added: "The Newcastle supporters have suffered more than enough in recent years.
"I didn't want them to think I'd gone up there just to pocket a few quid from Mike Ashley and then wave 'cheerio' a couple of weeks later."
Since Keegan left the club over a dispute regarding control of player transfers, Newcastle have lurched from one crisis to the next.
In an interview with BBC Sport on 18 September, Venables said the so-called foreign model of a head coach and director of football could work but only if the roles are clearly defined.
He said: "It works if everyone's in agreement, if you're in agreement with the situation as a manager then fine. But if you say no and then it's implementing change that is when the problems come in.
"I think the parameters of a manager's job have got to be clearly defined."
Billionaire Ashley, who has pumped £250m into the club, has said he is unable to watch the Newcastle team due to fears over his family's safety.
"I'm now a dad who can't take his kids to a football game because I am advised that we would be assaulted," he said earlier this month.
His search for a manager, either on an interim or permanent basis, has also proved problematic.
Venables was England's coach between 1994 and 1996.
He made his name in management with spells at Crystal Palace and Queens Park Rangers before his exploits saw him appointed Barcelona coach.
Venables was dubbed El Tel and guided the club to a Spanish League title, a League Cup win and a European Cup final - which they lost on penalties to Steaua Bucharest - before being sacked in September 1987.
He took over at Tottenham later that year and won the FA Cup with the club in 1991 before taking a role upstairs as chief executive at White Hart Lane as Sir Alan Sugar took over the club.
Magpies' Venables offer 'disrespectful' - Ince
But a deteriorating relationship between the two led to his acrimonious exit in November 1993, which saw matters end up in the High Court.
After a two-year spell as England coach which culminated in reaching the semi-finals of Euro 96, he had an unhappy spell as consultant and chairman of Portsmouth and failed in his attempts to lead Australia to qualification for the 1998 World Cup.
A foray back at Palace did not go well as the club found itself struggling for money and form.
Venables restored some of his ailing reputation when he was brought in as Bryan Robson's assistant at Middlesbrough and helped the club avoid relegation in 2000.
He did not stay at the Riverside long and went on to manage Leeds in July 2002 but left less than a year later as the club spiralled into financial crisis.
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