The ex-Borussia Dortmund boss was on the verge of becoming the new Crystal Palace manager before he rejected the offer at the very last moment.
The Eagles have been searching for a new coach after Roy Hodgson confirmed that he would step down and hint about a possible sabbatical.
Palace have been linked with a flurry of names, and Nuno Santo, who recently parted ways with Wolves, turned out to be the likely candidate before talks broke down due to his demands.
It was not easy for Crystal Palace. The report also suggests that they were working to obtain a work permit for the Swiss coach.
Favre had a two-year spell at Dortmund, during which he played an attacking brand of football. However, the lack of success in European competition and failure to break the dominance of Bayern Munich in the Bundesliga saw him getting fired by Die Borussen last year.
Previously, Fabrizio Romano broke the news that Crystal Palace could announce Lucien Favre as their new manager.
The Swiss coach also previously had stints at Borussia Monchengladbach, Hertha BSC, Zurich and OGC Nice.
Crystal Palace could have taken a big leap under Lucien Favre
Crystal Palace finished 14th in the Premier League this season, and Favre’s appointment could have been a huge boost moving forward.
Besides his attacking philosophy, the 63-year-old is known for grooming the youngsters, and it could have benefitted players like Eberichi Eze.
Furthermore, Wilfried Zaha, Palace’s best forward, could have taken his game to another level under the ex-Borussia Dortmund next season.
However, the English top-flight has never been a playground for the foreign coaches over the years due to their struggles to adapt to the wear and tear of the league.
It remains to be seen after Favre how Crystal Palace management handles the manager appointment.