He was confirmed by Luckhurst to have been approached for the Preston job literally days after leaving Utd but genuinely wanted a break. There's some recent rumour about Burnley too - bit of a poisoned chalice that as they're favorites to go down and the fans loved the last guy.
Seems a smart guy, probably learned from Lampard's mistakes and wants to wait for the right opportunity rather than jumping at the first chance only to fail and ruin his reputation.
Meanwhile, he's been spotted alongside his family sitting amongst the fans at most of our home games since Feb. There was a funny photo someone snapped of him trying to grab some Haribo from his teenage son's bag during the Leicester game (probably bored like the rest of us to be fair).
Also, did a bit of punditry for a random Monday night game (Spurs vs Everton), one day after we got thrashed by City. Was asked about the Utd game and gave the most diplomatic answer possible, didn't criticize our players or Ralf at all and just kept saying how hard City was to play against, almost giving excuses for the players (youtube.com/watch?v=_OAb0KKIYag&t=6s) - No wonder our players like him so much - not sure that's what you want from a manager though.