Paul Lambert has said that he does not have 'to jump' back into management if the opportunity is not right.
The 47-year-left Wolves a fortnight ago and his availability and Championship experience made him an appealing candidate to Sunderland.
Since then, however, the club have confirmed that any appointment is set to be on hold with takeover talks in the background making it difficult to offer assurances to potential new managers.
Martin Bain is likely to continue the search in case the parties interested in buying the club from Ellis Short do not come through.
The Chairman has put a timeframe on talks with the start of the new season fast approaching.
Lambert could an option if no new owners arrive but he has told BBC Scotland that he is in rush to get back into the game, and could even move abroad.
The former Celtic midfielder was a Champions League winner during a one season spell with Borussia Dortmund as a player.
He said: "I'm fortunate I don't really need to jump into anything that I don't think's worthwhile or I think, 'no, it's not for me'.
"So, I'll take my time and I'll see what I can do. It's been brilliant [in England]. I've loved my time down there. I've had opportunities to go abroad, which I've turned down. I think my time's probably away from Scotland.
"There's one or two things that I'm mulling over in my head at the minute,
"I'm never adverse to anything but I think I would rather stay in England or I'd go abroad."