Gus Poyet insists Newcastle United is "not the right place" to take his first steps into management in his own right.
The former Chelsea midfielder has previously been the assistant to Newcastle's executive director (football) Dennis Wise at Swindon Town and Leeds United and is now Juande Ramos' 'number two' at Tottenham.
He was installed as favourite to succeed Kevin Keegan at St James' Park when the Toon hero departed his managerial post for the second time.
The Uruguayan is good friends with Wise and Newcastle vice-president Tony Jimenez, but believes the Magpies are in a 'mess'.
"It's easy (to speculate) as Dennis is there and Tony Jimenez, who is my best friend in England, it's too easy," Poyet told Sky Sports.
"I think it's a little bit of a mess there at the moment, so it's not the right place for me.
"It's a great job and I would like to manage one day, but it's not the right time now."
Newcastle's Spanish striker Xisco has broken the players' wall of silence and admitted the team is suffering from the turmoil that has engulfed the club.
The Magpies owner Mike Ashley is reportedly asking for a staggering €600million to sell the club to a group of investors from Dubai, despite the club being managerless and with the fans in uproar.
Xisco, who scored on his debut in the 2-1 home defeat by Hull City at the weekend after being signed against the will of Keegan, is the first player to speak out about the situation at Newcastle.
"The players are on the outskirts of all this, and these are things that don't help the team," he told Spanish newspaper Marca. "We have to try to remain focused and play well in the games ahead. Then, when things are sorted, then we'll look at it.
"Now we have to concentrate on getting a good streak of results and nothing else."
Xisco said he was stunned by the atmosphere at St James' Park.
He added: "It was a feeling that I had never experienced before. I have seen few places so animated.
"It's a pity that we couldn't win the game because then my debut would have been perfect. I'm happy to have scored a goal but the joy wasn't complete."