Brighton boss Gus Poyet has turned down the chance to take over as Reading manager.
Widespread reports on Wednesday suggested Brighton had accepted the Royals' £2m compensation offer as they closed in on a bid to bring the former Chelsea, Tottenham and Uruguay midfielder to the Madejski Stadium, but Poyet has turned down the job after requesting 24 hours to consider his options.
Reading officials were convinced Poyet would eventually agree to succeed Brian McDermott and accept the challenge of keeping the struggling Royals in the Premier League, yet he has opted to pin his colours to the Brighton mast for the time being at least.
Poyet, who is one of the favourites to take over at his former club Chelsea this summer, is one of the most respected coaches working in the English game and it is believed he is eager to wait for a bigger club to come calling for his services before making his exit from Brighton.
Bookmakers have now installed former Southampton manager Nigel Adkins as the favourite to land the Reading job, with current Royal caretaker boss Eamonn Dolan, ex-Chelsea manager Roberto Di Matteo and Bradford boss Phil Parkinson also linked with the vacancy.