The ex-England boss feels that at 63-years-old he is now too old to commit himself to a full-time job in the Premiership.
“It had not entered my mind to work full-time again, but Steve was very persuasive,” said Venables.
“If it had been any other club bar Middlesbrough, I would have made up my mind sooner.
“That sort of job is 24 hours, seven days a week. I think I have had my years as a full-time manager now,”
It now leaves the way clear for Steve Gibson's first choice, although initial talks with O'Neill were not conclusive. Further talks over the weekend could have cleared the way for O'Neill to be unveiled later this week.