Bruce Feldman of CBS Sports reported this morning that Tennessee offered Gundy the head coaching position in Knoxville.
But Robert Allen reports now that Gundy has declined that offer and will continue to coach at OSU, citing sources close to the situation.
This speculation comes just one day after multiple news outlets in Fayetteville, Ark. reported Gundy would be named the next head coach at Arkansas.
But those reports were proven false when the Razorbacks selected Wisconsin's Bret Bielema for the position.
Gundy will lead the Cowboys against Purdue on Jan. 1 in the Heart of Dallas Bowl, at the Cotton Bowl. It's OSU's seventh consecutive bowl appearance.