Newcastle are looking to bring in a director of football after they finalise the appointment of Eddie Howe as their new manager.
Overmars is believed to be their top target and the Dutchman has been heavily linked with a move to St. James’ Park.
His work at Ajax, in terms of player recruitment, has been widely praised and he is an in-demand football executive in the European game.
Newcastle were believed to be in touch with him, but it has been claimed that Overmars has decided to stay put at Ajax.
The 48-year-old is now happy to carry out his work at Ajax and has not taken things forward with Newcastle.
He is prepared to continue at Ajax and further build on his reputation as one of the most skilled football executives in Europe.
Newcastle still want a director of football and will now have to turn to other candidates in the coming days.
They failed to bring in their top choice Unai Emery as their new manager and it seems Overmars may have rebuffed their approach.