Wolves boss Mick McCarthy has ruled himself out of becoming the new coach of South Korea and has committed his future to the Championship club.

Former Republic of Ireland manager McCarthy had been named on a two-man shortlist by KFA president Chung Mong-joon for the job along with former Liverpool manager Gerard Houllier.

But McCarthy told the club's official website: "I was very flattered to be contacted and to be considered a candidate alongside someone of the calibre of Gerard Houllier.

"But I have always been committed to the job at Wolves and I'm staying."

KFA president Chung Mong-joon had earlier revealed a shortlist had been cut to two names and a final decision would be taken within the next few days.

"A decision will be made in the next two or three days," Chung told reporters at KFA House in Seoul.

"We are about 80% of the way to finishing the process.

"The media reports that the two candidates are Houllier and McCarthy are correct.

"We have received the final answer from both candidates and now we have to agree on a contract."