James Grady and Allan McManus will continue to co-manage Morton for the rest of the season.
The veteran players assumed control of team affairs for the First Division outfit when David Irons was sacked in late September.
Grady and McManus have won two games and lost three since taking over.
Morton were given permission to talk to Stirling Albion boss Allan Moore but could not agree a deal to prise the 44-year-old from Forthbank.
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