Despite the rejection Silva remains the favourite at the top of the Next Everton Manager Market, ahead of David Unsworth and Sean Dyche, but you can bet your last penny that Everton will try their luck again.
Caretaker boss Unsworth has overseen four games so far, losing three, and he's likely to remain at the helm for the weekend's clash at Crystal Palace, who were the first top-flight team to change managers, switching Frank de Boer for Roy Hodgson.
Renewed contact between the two parties was made on Sunday but Allardyce felt the contract on offer from the Merseyside club - running only until the end of the season - was not enough to tempt him out of retirement.
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A spokesman for Watford told Sky Sports News: "We will not countenance an approach for our manager, either from Everton or indeed any other club, be it in the Premier League or overseas".
Everton have turned their attention to Silva as part of their long search to replace Ronald Koeman, who was sacked last month.
The Hornets do not wish to entertain any further approaches as they are adamant they can not lose a coveted manager halfway through a campaign.
Everton under-23s coach David Unsworth is now in caretaker charge of the club and secured his first win against Silva's Watford before the global break.