Lygo was tipped as one of the frontrunners in the race to take over Lorraine Heggessey's recently departed role of controller of BBC One. He has a well-documented career working with current BBC director-general Mark Thompson when he was at Channel 4 and has also worked for the BBC in the past.
Lygo confirmed that he had no plans to move to the corporation in an interview with The Independent today.
"Nobody has offered me any job, anywhere, and I'm absolutely enthralled and invigorated by doing this job," he said.
"I absolutely intend to stay at Channel 4. I don't intend to take part in any process leading to any kind of recruitment at the BBC. I'm staying at Channel 4."
With Lygo ruled out, it is likely that BBC internal applicants daytime controller Alison Sharman, head of drama commissioning Jane Tranter or BBC Three controller Stuart Murphy will take the top job.
Former ITV controller of news and current affairs Steve Anderson has also expressed an interest in the role. He was among those shortlisted for controller of Radio 4, which went to Mark Damazer last September.
Heggessey, controller of BBC One, announced she was leaving the corporation to become chief executive of independent production company Talkback Thames, which is behind such shows as 'Grand Designs' and 'Ali G'.
Heggessey spent five years at the corporation. She was responsible for commissioning hits such as 'Blue Planet', 'Spooks', 'State of Play' and 'Strictly Come Dancing'.
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