Chelsea Sporting Director Frank Arnesen has turned down an offer to rejoin Spanish side Valencia on a two-year contract.
The offer was set to increase his wages which currently amount to £3.3 million a year at Stamford Bridge.
Arnesen reached the peak of his playing career at the Mestalla stadium when he played for the Spanish giants from 1981 to 1983 before moving on to RSC Anderlecht.
Arnesen, who joined Chelsea from London rivals Tottenham two years ago, was offered a similar role by the Spanish club to work alongside coach Quique Sanchez Flores, according to reports on Danish radio.
Valencia president Juan Soler said: 'Arnesen is a key man in football as he has much experience and contacts. But he has sadly decided to stay in London.'
Arnesen's role has increased at Chelsea, to the increasing displeasure of boss Jose Mourinho. But the charismatic Dane still chose to stay at Stamford Bridge
Arnesen said: 'I am very committed to Chelsea and have the objective to search for future stars.'