Walter Smith has turned down the chance to take over as the Wolverhampton Wanderers manager until the end of the season. Wolves' approach to Smith was the latest in a drawn-out recruitment process that has seen several managers turn the Premier League club down since Mick McCarthy was sacked at the start of last week.

Smith has been out of work since leaving Rangers at the end of last season and is known to be keen to return to management. Wolves are understood to have presented a short-term contract offer to him for the remainder of the season, having been rebuffed with a longer-term deal. But the Scot has rejected the move, leaving the club in a highly embarrassing position.

"It's true I'm not going [to Wolves]," Smith said. "I was totally unsure whether I really wanted to do it or not. It was a purely personal thing, nothing to do with Wolves. I know Jez Moxey [the Wolves chief executive] and knew I was more of a fall-back than anything. We didn't even get as far as discussing money.

"There was never a face-to-face meeting and we never discussed finance. If someone asks you, you're pleased to be asked, but the longer you think about it, you start to ask yourself whether it was right."

Terry Connor, the assistant manager, will stay in temporary charge for Saturday's Premier League game at Newcastle United. Wolves are in the relegation zone after a dismal run of form that has seen them pick up only 14 points from their past 22 league matches.

Wolves may now return to Steve Bruce, who was interviewed last week and is beginning to look like the last man standing.

Alan Curbishley was interviewed and approached a second time after he had initially ruled himself out. Neil Warnock was interviewed last week but took the Leeds United job a few days later. Wolves turned their attention to Brian McDermott but the Reading manager preferred to stay at the Madejski Stadium and on Wednesday signed a three-and-a-half year contract with the Championship club.