Harry Redknapp admitted he would have found it hard to sleep at night if he had accepted an offer by Newcastle to take over from Sam Allardyce, insisting "my heart is with Portsmouth".
The 60-year-old coach had looked set to swap the south coast for St James' Park and held talks with Magpies chairman Chris Mort over the vacant position.
But despite being offered what he described as a "fantastic opportunity" he took the night to reflect on his future and concluded that he could not turn his back on Pompey.
Reports suggest United had been prepared to hand him a significantly-improved wage and a formidable January transfer budget, but Redknapp believes the relationships he has formed at Fratton Park - with fans, players and staff - are more important.
"It's not all about money. People don't know me but money is not my God. I'm happy, I enjoy it here and I have a great relationship with the fans," he said.
"It would be difficult to sleep at night. You have to look at yourself and say 'the club's been good to me and I've got to pay them back'.
"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.
"When you bring in players - and I signed a lot of good players in the summer with some terrific backing from the owner (Sacha Gaydamak) - some of them could have gone to big clubs. To walk away half way through (the season) is the wrong signal; it's not fair. My heart is with Portsmouth," he told Sky Sports News.
"I had no intention of leaving here. The job now is to take this club forward."
But despite being content with life at Fratton Park, Redknapp concedes the chance to take over at 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.
"The owner (Mike Ashley) seems to me to be the most ambitious guy you could hope to meet and they are good people up there.
"Newcastle is a massive club with great supporters - they get 50,000 every game and it's a great job for somebody, but I won't be going."
Redknapp denied that his decision shows he lacks the stomach for a challenge and believes his controversial move to Pompey's fierce rivals Southampton in 2004 - and back again - is testament to that.
"The fans have been good to me and I've had to win them back when I left once before. Only a maniac would have done what I done, go up the road and come back again.
"I'm very ambitious, football is my life but my ambitions are all for Portsmouth."
Storrie was delighted by his manager's decision and feels it represents a massive coup for the club as they seek to establish themselves as a fixture in the top half of the Barclays Premier League.
"We're absolutely delighted. We've been in lengthy discussions with Harry, who has now been linked with three top jobs - Tottenham, England and Newcastle," he told the club's official website.
"It speaks volumes about his desire to see Pompey succeed that he wants to stay here. Harry feels that he still has a job to do here. We have moved forward tremendously but he feels there is still more that can be done.
"Harry staying has taken a huge wrench away from my stomach."
Harry Redknapp Factfile:
1947: Born Poplar, March 2.
1964: March - Signs professional forms for West Ham following apprenticeship at Upton Park.
1965-71: Makes 149 League appearances for the Hammers, including three as sub, scoring five goals from his wing position during six-season career.
1972-75: Signs for Bournemouth in August 1972. Makes 101 league appearances, including five as sub, scoring five goals.
1976: September - Signs for Brentford, but makes just one appearance.
1982: September - Returns to Bournemouth as team coach.
1983: Takes over from Don Megson as manager of the Cherries.
1984: Club languish second from bottom in the old Division Three but manage to beat holders Manchester United in the third round of the FA Cup.
1987: Guides Bournemouth to Division Three title.
1992: Leaves Bournemouth to return to West Ham as assistant manager to Billy Bonds.
1994: Named as the Hammers' eighth manager in the club's history after Bonds resigns. Signs five-year contract.
1997: Signs John Hartson for club record fee of £3.2million from Arsenal - a move which pays off as Hartson weighs in with five goals to preserve the Hammers' Premier League status. They finish 14th.
2001: Hammers struggle for much of the season despite Redknapp's promising midfield triumvirate of Joe Cole, Michael Carrick and Frank Lampard. Hammers stave off threat of relegation with three weeks of the season remaining but, with the club 14th in the table, Redknapp decides to quit.
June 21 - Appointed director of football at Portsmouth.
2002: Becomes manager at Fratton Park when Graham Rix is sacked.
2003: April - Leads Portsmouth to promotion to the Premier League after a 1-0 home win over Burnley. The result ends a 15-year absence from the top flight.
2004: May 1 - Portsmouth's future in the Premier League is confirmed after a run of five wins and two draws in seven matches.
May 12 - Redknapp's future at the club plunged into doubt after relations breakdown with chairman Milan Mandaric over the issue of replacing assistant Jim Smith with a continental coach.
May 15 - Finishes 13th in Premier League.
November 15 - Pompey announce Redknapp will remain manager despite appointment of Velimir Zajec as executive director.
November 24 - Resigns as Portsmouth manager.
November 29 - Holds public meeting to clarify his conduct during transfer negotiations at Fratton Park.
December 8 - Confirmed as Southampton manager.
2005: May 15 - Southampton lose 2-1 at home to Manchester United and are relegated from the Premier League on the final day of the season.
May 18 - After questioning whether he needs "the hassle" of managing in the Coca-Cola Championship, confirms he intends to stay on as manager of Southampton and will discuss the subject with chairman Rupert Lowe.
December 1 - Portsmouth confirm they want to talk to Redknapp about possible return to Fratton Park.
December 3 - Redknapp walks out on Saints and claims he made "a monumental mistake" in leaving Portsmouth to join Southampton.
December 5 - Southampton turn down an offer of compensation for Redknapp from Portsmouth, describing it as "derisory". Pompey chairman Mandaric appears to indicate later in the day that Redknapp is no longer a candidate for the manager's vacancy, though Redknapp remains confident he is still in a strong position to take over.
December 7 - Portsmouth confirm Redknapp as their new manager.
2006: March 4 - Eight points adrift of safety after 1-0 defeat at Aston Villa.
April 29 - A 2-1 win at Wigan secures their Premier League future.
May 25 - Redknapp signs a new three-year deal with the club.
September 19- Accused by BBC Panorama programme of attempting to tap up Blackburn player Andy Todd. Redknapp completely refutes the allegation.
2007: May 13 - Portsmouth draw 0-0 with Arsenal to finish seventh in the Premier League, missing out on European football by one point.
June: Lord Stevens publishes final report in transfer irregularities. Its only criticism of Redknapp was his ownership of a racehorse thought to have been given to him by agent Willie McKay. Redknapp told the inquiry it was possible he did own the horse but insisted he had not made any money out of it because the horse never won a race.
October 29 - Signs a new contract with Portsmouth until 2011.
November 28 - One of five men arrested by City of London Police investigating corruption in football. The men were held on suspicion of conspiracy to defraud and false accounting - and were released without charge later the same day.
November 30 - Claims his arrest effectively ends his chances of replacing Steve McClaren as England manager after being tipped as a possible successor.
2008, January 9 - Installed as one of the bookies' favourites to replace Sam Allardyce at Newcastle.
Jan 10 - Insists there is "nothing in my being linked with" the Magpies post.
Jan 11 - Meets with Newcastle chairman Chris Mort and is offered the United job.
Jan 12 - Rejects the chance to move to St James' Park, insisting "my heart is with Portsmouth".
More news from SportingLife.com
