Andre Villas-Boas
New Tottenham manager Andre Villas-Boas could be given a £40mn transfer fund for the new season

Andre Villas-Boas has turned down the opportunity to manage South American side Sao Paulo, with Tottenham still reportedly in the race to snap up the out of work manager.

Harry Redknapp's departure from Spurs this month came as a shock to many, with the Englishman guiding the north London side into their first Champions League in the history of the club, and finishing in the top four only to just miss out on qualification again last season.

Since Redknapp left the club, Villas-Boas has emerged as a front-runner for the job at White Hart Lane, and Tottenham will no doubt be boosted by the news that he's turned down a move to South America.

He today said that he doesn't want to manage Sao Paulo," club director of football Adalberto Baptista said.

"He prefers to have more time to plan things but I have no time to wait."

It was widely reported over the weekend that Villas-Boas was in official talks with Tottenham over completing a deal, but the manager dismissed such claims, telling Portuguese media: "There is nothing, it is all lies."

Tottenham are also believed to be chasing Fabio Capello and Laurent Blanc, but Villas-Boas could be a perfect fit for the side, with the manager having experience with bringing a squad together and achieving out of their depth as he did with Porto.

Lasting just eight months at Chelsea, many have argued that he wasn't given the chance to build a squad capable of challenging for trophies at Stamford Bridge.

For Tottenham, the search for a new manager needs to be completed quickly, with big players Luka Modric and Gareth Bale both being connected to moves away from the club and the need to buy in fresh talent ever present.

And while Daniel Levy has always had a huge influence over players coming in and out of the side, stars will be looking to see who the chairman appoints to judge whether Spurs really are as ambitious as they say they are in becoming a regular Champions League competitor.