Harry Redknapp is out of the reckoning for the Blackburn job after talks between the Championship club and the former Tottenham manager's representatives.
Tuesday's meeting between Redknapp's advisors and Rovers was described as constructive but the two parties have decided to go their separate ways with the 65-year-old saying the post was "not for me".
Redknapp was on a three-man shortlist to replace Steve Kean at Ewood Park but now there are two candidates left in the reckoning.
Former Blackburn captain Henning Berg was interviewed on Monday while the other manager under consideration is not thought to be Blackpool boss Ian Holloway or Huddersfield's Simon Grayson, who were both linked with the vacancy.
Redknapp attempted to downplay his contact with Blackburn, although his representatives had indicated his interest and went to meet Rovers' powerbrokers.
"It is a good job and a good job for somebody but it is not a job I am looking to pursue," he told Sky Sports.
"When we saw the speculation my representative Paul Stretford spoke to the people there and wanted to clear up where it was coming from. It is not something I would look to pursue. It is not for me.
"Blackburn is an interesting club, don't get me wrong, it is a club with a good tradition but it is not something that would be for me at this time."
Redknapp, who had been the favourite to succeed Fabio Capello as England manager, was the most ambitious target for Blackburn.
And, although he managed in the quarter-finals of the Champions League in the 2010-11 season, he gave Blackburn the impression that he was willing to manage in the Championship.
But Rovers now have to decide between the other two contenders as they look to conclude their month-long search for a manager.
Eric Black has been in caretaker charge for the last six games, taking nine points.