The 50-year-old Spaniard confirmed after Villarreal's 2-0 UEFA Champions League victory over Young Boys on Tuesday that the Magpies were interested in bringing him to Tyneside.
Newcastle are still looking for a new manager after dismissing Steve Bruce a fortnight ago.
Emery said: "Villarreal is my home and I'm 100 per cent committed. Honestly, I'm grateful for the interest of a great club, but still more grateful to be here.
"That's why I communicated to [owner] Fernando Roig my decision that I wanted to continue being a part of this project for the commitment and respect that I perceive from the club and my players, which is mutual and reciprocal.
"I want to thank the fans for the support they have always shown me.
"On Sunday, we have a really important game [against Getafe] and I hope that together we can achieve victory. We'll see you at the Estadio de la Ceramica."
Newcastle have emerged as one of the richest clubs in the world overnight following a £305m takeover by Saudi Arabia’s Public Investment Fund.
Emery won the Europa League with Villarreal last season, beating Manchester United on penalties after a 1-1 draw.
