Steven Gerrard has declined the offer to manage MK Dons, with the midfielder considering other opportunities, including the prospect of rejoining Liverpool in a coaching capacity.
The 36-year-old held preliminary talks with the League One outfit over the possibility of replacing Karl Robinson, but both parties decided to move in a different direction.
The former Reds and England captain admitted in January that he is not yet ready to take overall charge of a club as he works towards completing his UEFA A license.
“I’ve dreams and aspirations of going into coaching and management but at the moment I’m nowhere near ready for management,” he said.