The young, attack-minded coach has consistently over-performed with La Liga minnows Rayo Vallecano and this season has been no different, guiding the club to a guaranteed top-11 finish.
However, his contract situation in the Spanish capital – only committing himself to one-year deals – gives fellow clubs the opportunity to realistically consider him an option each summer.
As per a report by Marca, Newcastle United have long been tracking the Spaniard with a view to making him their permanent boss once they have preserved their Premier League status.
The Magpies, however, have suffered a torrid run of form and with their league status still hanging in the balance heading in to the final weekend of the season, it seems their chance of appointing Jemez has now gone.
“The most anticipated news has come to the fore. At the end of training Paco officially renewed until 2016 – one more season,” Spanish paper AS confirm.
It comes only days after Jemez was quoted by Sky Sports as saying the Premier League appeals to him and that its renowned challenges would not put him off from making the move.
However, with the 45-year-old putting off a potential English switch for at least another year, it leaves Newcastle possibly looking closer to home for a new manager.
John Carver is an unlikely option, whereas speculation continues to grow over the future of Derby County boss Steve McClaren despite his intentions to remain at the iPro Stadium, as per the Daily Mail.