Wolves boss Mick McCarthy insists he is happy at Molineux and has no intention of walking out of the club to become the new head coach of South Korea.
The ex-Republic of Ireland manager, along with Gerard Houllier, was linked with the post on Wednesday morning, but the former Liverpool boss has also said he has no interest in the role.
McCarthy told the club's official website: "I was very flattered to be contacted and to be considered a candidate alongside someone of the calibre of Gerard Houllier.
"But I have always been committed to the job at Wolves. I love it here and, having spoken to (club owner) Steve (Morgan), I made it clear I'm staying."
Chief executive Jez Moxey added: "The board is delighted with the job Mick is doing. He is totally committed to the club, the players, staff, supporters and the task at hand.
"When you have such a high quality manager there is always going to be a chance that someone else will be interested in signing them, but we are pleased to confirm to our supporters that it's business as usual at Molineux."