Sheffield Wednesday manager search: 'No chance' of former favourite returning, says chairman Dejphon Chansiri
The Portuguese managed the Owls between 2015 and 2017 and was a popular figure, hence he was made bookmakers' favourite for the job Darren Moore surprisingly left "by mutual consent" on Monday.
Carvalhal was in charge for 131 games and took Wednesday to fourth in the Championship in 2017, two marks that have not been passed since. Moore was two games short when he parted ways after taking the team to promotion from League One via the play-offs.
Carvalhal, who later returned to British football for an unsuccessful stint at Swansea City, left Celta Vigo this month.
Tuesday night's fans' forum – planned before Moore's departure – lasted for more than four-and-a-half hours but Chansiri was very succinct when asked if Carvalhal could return to the club.
"No chance," was his reply.
Little light was shed on Moore's departure, with the Thai businessman insisting it was not his place to say.
"I cannot talk much because I promised to Darren I would not say anything unless he said it first," he revealed. "If you want more information you can ask him. Football is a business, but our relationship is still good. On Saturday we went out together for dinner. The fans may think ‘Why now?’
"When the season finished he went on holiday, he just came back last week.
"Maybe someday he will come to watch a game and will sit next to me. I've been in football long enough and the coach leaving is normal."
He did, however, say he did not think the former Doncaster Rovers manager had another job lined up.
Chansiri added that he would try to appoint Moore's replacement before the players are back for pre-season.
He was forced to defend himself in response to criticism over the prices of season tickets and shirts, which he insisisted needed to be so high to cover the increased costs of life in the Championship.
Fans were charged £10 each to attend the forum, with proceeds once costs included a pie-and-peas meal for attendees were deducted, matched by the chairman and donated to charity.