Unai Emery has ruled himself out of the race to become Newcastle's new manager.
Emery confirmed the Magpies' interest following Villarreal's Champions League win over Young Boys on Tuesday.
But, in a post on his official Instagram account, Emery wrote: "No matter how much noise there was yesterday in another country, within the club there was transparency and loyalty with the Roig family and with my squad, which is maximum and for me it is the most important thing.
"Villarreal CF is my home and I am 100% committed. Honestly, I am grateful for the interest of a great club, but even more grateful to be here and that is why I communicated to Fernando Roig my decision to want to continue being part of this project because of the commitment and respect that I perceive from the club and from my players, which is mutual and reciprocal."
Newcastle's new owners had identified Emery as the leading contender to replace Steve Bruce, who departed the club last month.
And his decision to stay in Spain means former Bournemouth boss Eddie Howe has emerged as the new favourite to take over at St James' Park.
Howe, who has been out of work since leaving the Cherries in August last year, is understood to have impressed in talks with the new Newcastle hierarchy.
Newcastle's 3-0 defeat to Chelsea at the weekend left them in 19th place in the table, six points adrift of safety and still without a win this season.
