Motherwell manager Mark McGhee says a move to Hearts would have been "premature" after rejecting a move to Tynecastle to remain at Fir Park.
McGhee was due to fly out to Vilnus on Monday for signing talks with Hearts majority shareholder Vladimir Romanov.
But he changed his mind, adding: "It smacked of what I did earlier in my managerial career. When a bigger job came up, I went."
Hearts said their search for a new manager would continue.
McGhee, who spent 15 years in management in England, took over at Fir Park at the start of the season.
The former Aberdeen and Celtic striker revealed he had a change of heart at the airport and realised he wanted to remain at Fir Park.
"I was at the door of the plane and would have been the last passenger on board, but I turned round and said 'I can't do this'.
"We're in Europe and I always wanted that on my C.V. It's certainly not about money either.
"If it had been a financial decision I'd be on my way to Vilnus right now.
"Hearts was a bigger job, but I would never say it was a better job."
McGhee said the prospect of becoming Hearts manager was a fantastic opportunity, but he added: "I have to stick it out at Motherwell a little bit longer."
Motherwell said they were delighted McGhee would remain at the club to spearhead their Uefa Cup campaign next season.
"The club are delighted that it has successfully concluded negotiations with Mark," said a statement on the club website.
"He remains as manager and we are looking forward to next season."
Hearts said in a statement on the club website: "Hearts today confirmed that Mark McGhee will not be interviewed for the vacant managerial position at Tynecastle.
"The club continues its search for a new manager who can meet the aims of the board in delivering on-field success for Hearts."
In his first campaign, McGhee received plaudits for his team's performances as he steered the club to third spot in the Scottish Premier League.
McGhee was also interviewed for the vacant Scotland manager's position in January.
However, he stipulated he wanted to remain at Fir Park until the summer, following the death of skipper Phil O'Donnell.
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