More than two months on after sacking Jose Mourinho, Spurs are yet to name a replacement for the former Real Madrid, Chelsea and Manchester United manager.
Ryan Mason was brought in to hold the fort until the end of the season but approaches for several managers have since proved unsuccessful.
Former Chelsea and Inter Milan manager Antonio Conte was contacted for the role but an agreement could not be reached while an approach for Mauricio Pochettino was blocked by Paris Saint Germain.
In recent days, deals for Paulo Fonseca and Gennaro Gattuso have all fallen through and Lopetegui has become the latest manager to turn down a move to North London.
"Julen rang me and told me," the president told Spanish radio station Cadena SER.
"Some coaches are more driven by economic factors but Julen is very clear that he is happy here and he even said it would be very difficult to find a better place to work than here.
"We believed and believe in him, giving him a two-year contract extension, and I'm sure he will bring much more to the club."
Following an unsuccessful four-month spell in charge of Real Madrid, Lopetegui was appointed Sevilla manager in the summer of 2019 and he led the club to Europa League glory in his first season and a fourth-place finish in La Liga last term.
