Newcastle tried to sign up Venables as their new manager on a game-by-game deal.
“There is one reason and one reason alone why I’ve turned down the chance to take temporary charge at Newcastle – time,” he told The Sun newspaper.
“Newcastle United means too much to too many people to take the job on a short-term basis. It demands total commitment and dedication from a manager who is prepared to throw himself heart and soul into the club.
“I didn’t want to move up to Tyneside and find myself surplus to requirements before I’d even had the chance to get my teeth into the challenge.
“The way the job was offered to me meant that I might be working at St James’ Park for two months, two years – or two weeks. There was far too much uncertainty involved.”
He added: “The Newcastle supporters have suffered more than enough in recent years.
“I didn’t want them to think I’d gone up there just to pocket a few quid from Mike Ashley and then wave ‘cheerio’ a couple of weeks later.”
