That makes him arguably the best manager currently available on the market, with United and the Magpies both thought to be interested in appointing him.
Newcastle sacked Steve Bruce after losing to Tottenham Hotspur, which was their first game under the ownership of Saudi Arabia’s Public Investment Fund.
Bruce left the club in a perilous position in the Premier League, having failed to win any of the opening eight games of the season.
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Draws against Watford, Leeds and Southampton were all that was keeping Newcastle from being bottom of the table, with that ignominy reserved for Norwich.
At first, Newcastle attempted to target elite managers as they searched for a replacement for Bruce, with Conte among those considered.
The hierarchy at St James’ Park would likely have hoped that they could tempt the Italian with the promise of immense transfer funds.
The Saudi ownership are believed to have access to more than £320billion, with Newcastle in dire need of investment if they are to fulfil the aim of challenging for trophies.
Conte though was not interested in any prospect of moving to the North East, with Newcastle forced to revise their shortlist of prospective managers.
According to Gazzetta Dello Sport, Conte’s main reason for rejecting the Newcastle job came down the league position that Bruce has left the club in.
The Italian is said to have been concerned that taking the hotseat at St James’ Park could have seen him ‘jeopardise years and years of success’.
Conte has been remarkably successful throughout his career, winning four Scudettos across spells at Juventus and Inter, as well as the Premier League title with Chelsea.
And with Newcastle set to be battling for relegation for the majority of this season, Conte is reported to have decided the risk was not worth his time.
The Italian newspaper went as far as to state that staying at Inter would have been more attractive to Conte than taking the Newcastle job, despite the departures of Romelu Lukaku and Achraf Hakimi.
With Newcastle now seemingly out of the picture, the former Blues boss has been increasingly linked with taking over from Ole Gunnar Solskjaer at United.
Solskjaer has failed to win any of his last four Premier League games in charge, which has seen the Red Devils plunge to seventh in the table.
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A busy summer transfer window means they possess a squad capable of challenging for trophies, which would be a far more attractive proposition for Conte.
Under-pressure Solskjaer is thought to have been given three games to save his job, starting on Saturday with a trip to Tottenham.Internet Explorer Channel Network