Venables emerged yesterday as the surprise favourite to be handed the reigns at St James' Park and while the well-travelled coach admits he had talks with the Magpies, he was not prepared to sink himself into a job he could be relieved of at any time.

The 65-year-old former England boss admitted he would have been interested in taking the job on a long-term basis and described himself as "honoured" to be approached about the post, which was vacated when Kevin Keegan departed in acrimony earlier this month.

Venables told The Sun: "There is one reason and one reason alone why I've turned down the chance to take temporary charge at Newcastle - time.

"Newcastle United means too much to too many people to take the job on a short-term basis. It demands total commitment and dedication from a manager who is prepared to throw himself heart and soul into the club.

"I didn't want to move up to Tyneside and find myself surplus to requirements before I'd even had the chance to get my teeth into the challenge.

"The way the job was offered to me meant that I might be working at St James' Park for two months, two years - or two weeks. There was far too much uncertainty involved."

United had identified Venables as the man to steady the ship after a disastrous series of bad results and fan protests, possibly looking to a similar firefighting role he performed at Middlesbrough eight years ago.

But Venables believes such a job in not viable given the uncertainty engulfing the club, leaving caretaker manager Chris Hughton in position for the home game against Blackburn tomorrow.

"I was ready and willing to give it a real go but I was never offered the chance to do that," he added.

"All they could guarantee was that I'd be in a job until Mike Ashley sells the club whenever that might be. As flattered and honoured as I was to be approached by Newcastle, in the end it wasn't that difficult a decision for me to decline their offer.

"The Newcastle supporters have suffered more than enough in recent years. I didn't want them to think I'd gone up there just to pocket a few quid from Mike Ashley and then wave 'cheerio' a couple of weeks later."

Venables met with under-fire trio Dennis Wise, Tony Jimenez and Derek Llambias about the job, but he insists he was not worried about facing any flak from the Geordie fans over his London roots.

He added: "I know only too well that many of the Newcastle supporters have been protesting about the so-called 'Cockney Mafia' running their club. But I honestly don't believe it would have been an issue for me. All my work would have been done in the dressing room, not the boardroom."

The incident has left Newcastle owner Mike Ashley with a major headache as he attempts to find support for caretaker boss Chris Hughton with his efforts to sell the club after just 16 months ongoing.

Paul Ince - whose Blackburn side provide the opposition in the Barclays Premier League this weekend - Gus Poyet and Didier Deschamps have been considered, but the continuing uncertainty over the club's ownership is proving a major obstacle.

Investment bankers Seymour Pierce are currently looking for buyers with Chris Nathaniel, the spokesman for the Nigerian consortium which has trumpeted its interest in the club in recent days, insisting they are deadly serious.

They have hinted they will restore Keegan to his post and that has curried favour with large sections of the club's support.

However, Seymour Pierce, led by chairman Keith Harris, are understood to be assessing the credentials of several potential buyers - there have also been links with Chinese, American and local investors - as Ashley looks to make a quick exit.