Sunderland say a new manager won't be appointed any time soon.
A potential change in ownership means the Black Cats cannot give candidates the assurances they want.
Aberdeen boss Derek McInnes could not agree a deal with the Championship side on Thursday, having come close to joining the club.
It is now almost four weeks since David Moyes resigned following the club's relegation from the Premier League.
Sunderland explained the situation regarding the hunt for the next manager as well as talks over new ownership in a statement on their official website.
"Since the end of the season, our focus has been to appoint a new manager. Recently, however, discussions have been entered into with parties who have expressed an interest in acquiring ownership of the club," said Sunderland AFC.
"With this backdrop, we have been unable to give the assurances any potential candidate would need regarding the plans a new owner could have for the manager’s position. The recruitment process, whilst still very much active, cannot therefore be concluded imminently.
"In talking to parties who have shown interest in acquiring the club, owner Ellis Short is determined to make sure that the best interests of Sunderland AFC are at the heart of any decision regarding its future.
"We are of course acutely aware of the need to act swiftly to appoint a manager and to ensure that this is the case, have placed a time limit on discussions regarding a potential sale.
"If discussions are not concluded within our defined timeframe, we will terminate the process and move swiftly and positively forward with plans for the new season.
"Detailed pre-season preparations are already in place and our aim is to do everything we can to ensure Sunderland’s return to the top flight."
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