Chairman David Sheepshanks has revealed Tony Mowbray's reasons for ruling himself out of the running for the job of Town manager. Hibernian released a statement at lunchtime which announced Mowbray's decision to remain at Easter Road.
Sheepshanks told the club site: "After much soul-searching Tony has decided that he does not wish to leave Hibernian for the time being.
"Permission was granted by Hibs for us to speak to Tony earlier this week and I had a long, friendly discussion with him about the vacancy.
"However, at this time and despite Tony's great affection for the club, which he emphasised during our talks, he feels he is not ready to return to Portman Road so soon and we must respect his decision.
"Meanwhile, the search for the manager is in full swing and a number of interviews have already been undertaken with strong and enthusiastic candidates being considered for the position.
"Further interviews are planned as we continue our quest to find the very best man to lead this club forward once more."
Sheepshanks and chief executive Derek Bowden are understood to be in London today for the second of five days of interviews.