John Carver offered to resign yesterday during talks with Newcastle United managing director Lee Charley.
The Daily Mail says Carver told owner Mike Ashley he would stand aside if the club could find a replacement.
However, after Derby County boss Steve McClaren turned down their approach, Newcastle were forced to release a statement backing Carver.
Carver fears the worst after his side's run of league defeats was extended to eight. The manager wanted a response from his players in the dressing room, but he fears they lack the necessary leadership and character going into the final three games.