Monchi returned to Sevilla for a second term as the club's general sports director, although he was reportedly associated with a role at Arsenal.
Following the dismissal of Eusebio Di Francesco and his backroom staff, Monchi left his role as technical director of Roma this month.
According to newspaper reports, he was a candidate who should replace Sven Mslintat as Arsenal recruiting leader due to his existing relationship with Gunners manager Unai Emery. However, the Spaniard returned to the league after two years in Italy.
The departure of Sevilla head coach Pablo Machin after the Europa League kick-off in the middle of the week put the first football boss Joaquin Caparros at the top of the group. Sevilla president Jose Castro confirmed on Friday that the club had talked to Monchi about the vacant position.
Monchi left Seville for Roma in April 2017, ending a 17-year spell in which La Liga's team won eleven trophies, including three in the Europa League.
The Spaniard has a good reputation in the transfer market, and thanks to him, he has organized a number of lucrative purchases and sales for players like Dani Alves, Sergio Ramos and Ivan Rakitic.
The 50-year-old tweeted a picture on social media on Saturday, which read: "The heart never forgets the place where it left its best blows."