He was hot property in the summer after transforming Wednesday’s fortunes on the field and taking them to within 90 minutes of the Premier League in the play-offs.
The 50-year-old former Besiktas and Sporting Lisbon coach had been linked with Premier League jobs at Southampton and Swansea, and was even urged by friends to leave Wednesday after their Wembley defeat to Hull City.
But Carvalhal says he is committed to the job of restoring Wednesday to the top flight and finish the job bestowed upon him by owner Dejphon Chansiri.
“Last season when we achieved the play-offs, I had a lot of offers, not just in England, but to go away,” said the Portuguese coach. “It is normal as I did very good work. I was at the end of my contract so it was more easy for me to leave the club.
“I achieved the play-offs. It’s not fantastic, but it’s very good. We built a team and I could have left and gone to another place.
“Some of my friends said, ‘maybe it is a good time to leave as it is more difficult now as the expectations will be more high and maybe you will have problems next season’.
“But I never felt like that. I have a big respect for Sheffield Wednesday and my chairman.
“I wanted to stay as I still have work to do here. I’m happy here as I like the fans and the club. I love my players. I enjoy being in Sheffield. I didn’t think about moving, even when clubs contacted me. I had in my head that I wanted to stay.
“Why move if you are happy? It doesn’t make any sense. It is not about money to stay at the club. I’m not rich, but I have my independence.”
A string of Owls players have also been linked with Premier Leagues clubs – midfielder Kieran Lee to Sunderland is the latest rumour – but Carvalhal is not worried about losing stars when the January transfer window opens next month.
“I’m not concerned about anything,” he said. “I’m happy when other clubs are interested in my players, especially the Premier League clubs.
“I’m trying to do my best to improve the players.
“Kieran likes working with us and likes Sheffield Wednesday. It is not easy to move a player who is happy. I’ve received offers and I’m here. I didn’t move. I believe it will be the same for a lot of players. I’m not worried about that.”
He added: “The market of the club is more high and teams look to are players. It is the consequences of us doing well. If we weren’t doing well, nobody would want our players.”