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Gary O’Neil has turned down the chance to make an immediate return to management, talkSPORT understands.
O’Neil, who was sacked by Wolves on Sunday, was sounded out by Millwall over taking the vacant job at The Den.
O'Neil has turned down the chance to become Millwall managerCredit: GettyHowever, he believes it is too soon to return to management.
Alex Neil is in the box seat to take the Championship job with Steven Schumacher also in the running.
Neil Harris stepped down from the Millwall job, with his last game a 1-0 defeat at Middlesbrough on Saturday.
The result leaves the club 13th in the Championship after 20 matches this season.
David Livermore is currently in caretaker charge of the Lions ahead of this weekend's visit of Blackburn.
O'Neil won 20 of his 63 matches in charge of Wolves but just two of those came in the Premier League this season.
Last weekend's 2-1 home defeat to Ipswich was their fourth in a row and left the club 19th in the table.
He has since been replaced at Molineux by former Porto boss Vitor Pereira.
The Portuguese's appointment was confirmed by Wolves on Thursday.
Pereira will take charge of his first match on Sunday away to Leicester.
Neil is leading the race to replace Harris at The DenCredit: GettySchumacher is also in the running to become the new Lions bossCredit: GettyMeanwhile, both Neil and Schumacher are currently without clubs themselves.
Neil has been out of the dugout since leaving Stoke in December 2023 following 16 months in charge.
His previous Championship clubs include Sunderland, Preston and Norwich.
As for Schumacher, the former Plymouth gaffer last job was also at Stoke.
However, he was sacked by the Potters in September just nine months after his arrival from Home Park.