St Johnstone's Derek McInnes has rejected an offer to become the new manager of League One outfit Brentford.
Saints' website announced: "Derek McInnes this afternoon spoken to chairman Geoff Brown and advised him that he has formally turned down the opportunity to move to Brentford FC.
"Everyone at the club is delighted with this news."
Saints hope "it now allows the speculation over the manager to cease and for preparations for next season".
Brentford, who parted company with manager Andy Scott in February, are thought to have made an approach for McInnes over the weekend.
Striker Nicky Forster has been in interim charge since Scott departed and has already stated that he is keen to land the job permanently.
The west London club finished 11th in English football's third tier this season.
"This has been an education for me and I'd love it to continue," Forster told the club's website.
McInnes had appeared to keep his options when speaking to BBC Scotland following Tuesday's 1-0 win over Hamilton Accies.
"The Brentford thing is something that happened more than a week ago," he said after Saints win confirmed Accies' relegation.
"The chairman gave me permission to go and speak with them and I appreciate him letting me do that.
"There's nothing developed since that and I must reiterate that I am happy here and it is a good place to work."
Since taking over at St Johnstone, McInnes has guided them to promotion to the Scottish Premier League and led the club to the Scottish Cup semi-finals this season.
He began his playing career at Morton before he moved to Rangers in 1995 and also featured for West Brom and Dundee United before joining the Perth club in January 2007, initially as a player.
At the end of that year, he stepped into the dugout to replace current Bolton manager Owen Coyle, who had departed for Burnley.
McInnes has been linked with vacant managerial posts at Watford and West Brom in 2009, after which he extended his contract at St Johnstone until May 2011.
That could have mean that compensation would become an issue for any predatory club.
"If you're doing your job well then possibly you might attract other attention," the 39-year-old told BBC Scotland.
"I've had speculation before and I've had that hanging over me, but that has not stopped me doing my best for St Johnstone.
"Until somebody says different, and I will be directed by the chairman, I will continue to work here."
McInnes stressed that, despite meeting Brentford, he was concentrating on a good finish to the season and building a squad for next term.
"Since then, I have carried on with my job and we have won three games since the first contact and I am still working hard to bring the best players available within our means to St Johnstone," he said.
McInnes was delighted with the victory over Accies, even though they had to rely on a Liam Craig penalty against a side whose relegation was confirmed while playing much of the game with 10 men.
"It was pleasing the fact that we have managed to get the three SPL wins in a row - something we have not done," he said.
"I thought we were the better side. The frustrating part was the second half. We never made that extra man count and credit to Hamilton.
"After the semi-final defeat, we have obviously lost here to Inverness, but the performance up until 75 minutes was excellent and their approach and attitude has been excellent since that semi-final.
"We wanted to give the supporters something to smile about and give the punters a bit of encouragement for next season.
"Last year, we got loads of plaudits and praise for how we attacked the Premier League and finished eighth.
"It looks as if we are going finish eighth again and to many it is a disappointing anti-climax to the season and I think that's harsh on the players."