The proposed deal was reportedly in excess of $3 million per year.
A source close to Donovan said well-to-do St. John's alum, Mike Repole -- of Vitaminwater fame -- undertook the project of bringing the Long Island native back to his roots and a team in dire need of work.
The source describes Donovan's answer as "thank you so much, but no thank you."
Donovan, who makes $3.5 million per year, is one of the college game's highest-paid coaches already.
Despite his ties, one might have assumed he's not interested in taking a pay cut and having to rebuild a program. St. John's has not made the NCAA Tournament since 2002, while Donovan's Gators have won two national championships during that drought.