The 60-year-old decided to rebuff an initial offer from the Magpies to succeed Sam Allardyce and Storrie believes that that should be the end of the matter.
He told Radio Five Live's Sportsweek: "Harry has made it perfectly clear he has made his decision, he wants to stay at Portsmouth.
"That is the end of the matter. He has made it plain it is not about money, so Newcastle can continue to offer him what they like.
"We only allowed Harry to have a conversation with them as it brought the matter to a head.
"It is a disruptive time for anyone to have done this in the middle of the transfer window.
"I can understand why Newcastle wanted him as he is one of the best managers in the Premier League, but Harry knows he has a job here for as long as he wants it.
"He can see there is the potential to go forward."