The 71-year-old was the hot favourite to take over at St James's Park following Sam Allardyce's dismissal after holding advanced talks with ex-Magpies chairman Chris Mort in London.
But despite reportedly being promised the funds to bring Jermaine Defoe, Sol Campbell and Pascal Chimbonda to Tyneside with him, Redknapp opted to stay at Portsmouth.
"It was a terrific opportunity but I had no intentions of wanting to leave," said Redknapp, over 10 years ago.
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"I have a job to do to take this club forward, and to walk away would not have been the right thing to do.
"I'm happy here, people treat me well and I felt a loyalty to the club and the fans."
Following Redknapp's snub, Magpies owner Mike Ashley turned to club legend Kevin Keegan for his second managerial stint in the North East.
And while Ashley and Keegan's relationship grew toxic, Redknapp went on to lift the FA Cup with Pompey just four months later, before joining Tottenham Hotspur.
Currently partaking in ITV's I'm A Celebrity Get Me Out Of Here - Redknapp pinpointed the Geordie as a stumbling block in the deal.
He said: "I was offered the job but I just couldn’t get my Geordie accent right.
"I don’t regret anything, I don’t look back, I look forward and move on.
"I went to Spurs and had four fantastic years and I don’t regret staying at Pompey where I had a great time."