Greg Dyke, the former BBC director general, has rejected a request from Channel 5's new owner, Richard Desmond, to run the station following the departure of Dawn Airey.
Dyke, who played a key role in establishing Channel 5 in 1997, has ruled out a return to the company, which is undergoing a major shake-up under its new owner.
Dyke said last week that Desmond was quite bold to buy Channel 5, which has not made any money since it was started.
Nearly 80 people, including 7 directors and the chief executive, are to leave the broadcaster as part of a management restructuring.
According to industry sources, the Daily Express owner, who has acquired the channel for £103.5m, is not in a rush to appoint a CEO as Airey is to continue in the post for a few more months.
Stan Myerson, managing director at Desmond's Northern & Shell business, is expected to be the frontrunner among potential candidates to lead the broadcaster.
