Blackburn manager Mark Hughes is bookmakers' favourite to land the Newcastle job after Harry Redknapp this morning ruled himself out of the running.

Hughes is as short as 11/8 to be next Toon boss, even though he distanced himself from the role yesterday.

Rovers will be bracing themselves today, with Hughes high on the Magpies hit-list.

Redknapp admitted he had been offered a "terrific opportunity" to take over from Sam Allardyce at Newcastle but insisted he had no intention of leaving Portsmouth.

The Pompey boss had been expected to take the reins at St James' Park but after holding talks with the Magpies he decided he could not abandon the south coast club - or the players he has signed.

His decision leaves Newcastle in turmoil as they look to reassess their options, but Redknapp is now looking forward to a stable future at Fratton Park.

"I'm happy - this is a club I feel comfortable at. I have a fantastic relationship with the fans, a fantastic relationship with the owner and with Peter (Storrie, chief executive," he said.

"The players I've brought to the club, I've sold Portsmouth to them and to walk away having brought them here, when the club is doing so well, wouldn't be right."

But the 60-year-old concedes the offer from Newcastle was both flattering and tempting.

"I had a great offer from them and to be offered the chance at a fantastic club like Newcastle was a terrific opportunity for me but at the end of it I couldn't do it," Redknapp told Sky Sports News.

"I had no intention of leaving here. The job now is to take this club forward. To walk away is not the right thing to do."