Rotherham United manager Steve Evans will not be moving to Sheffield Wednesday, according to Millers chairman Tony Stewart.
Speculation had linked Evans, 51, with the Hillsborough vacancy after the Owls sacked previous manager Dave Jones with the club 23rd in the Championship.
But Stewart said: "I would like to clarify that Steve Evans will not be joining Sheffield Wednesday.
"He is a key part of our efforts to progress to the Championship."
The statement continued: "Both the board of directors and Steve are delighted with the progress made so far.
"We will now draw a line under the speculation as we look to prepare for the FA Cup second-round match with Rochdale this Saturday."
Evans was being quoted as odds-on favourite to take over at Wednesday by some bookmakers before the statement was issued.
The former Boston and Crawley boss guided the Millers to promotion from League Two last season in his first full campaign with the club.
He told BBC Radio Sheffield that he was happy to stay at the New York Stadium.
"I'm deeply honoured that any club would like to speak to me and I respect how my club dealt with it," Evans said.
"The chairman told me there had been approach for me and that he expected me to honour my contract.
"He asked me how I would like to take things forward and I told him I have a job to do here. I'm grateful for the opportunity I was given with this position and this is a great place to work."
The Millers, who face Rochdale in the FA Cup second round on Saturday, are currently sixth in League One.