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Chairman Adam Pearson revealed on the official Tigers site: "Following recent press speculation surrounding the England Under 21 manager's position, I would just like to confirm that Peter Taylor will not be pursuing the opportunity to take up this post within the FA.
"Peter is totally committed to his position as manager of Hull City and to fulfilling his present contractual commitments with the club.
"Peter will now continue to focus on the continued development of the club leading up to the new season in Division Two."
However, Taylor has suggested that this will be his last season with the club due to "family reasons", although that depends on what happens over the next 12 months.