Rafa Benitez's remains committed to signing a new deal with Newcastle United.
Reports on Tuesday claimed Chinese club Dalian Yifang had tabled an incredible £12m offer for the Spaniard.
However, the Chronicle says Benitez would prefer to sign a new contract with Toon, despite being at odds with the club's hierarchy.
Benitez has refused to pen terms with the Magpies until they can resolve issues over recruitment.
There is also the added drama of a prospective takeover by the Bin Zayed Group that threatens Benitez's future at St. James' Park.