It has been speculated that the club could make a play for the halfback after signing his dad, Shane Flanagan, in an assistant coaching role.
The Canterbury half has struggled to make the blue and white number seven jersey his own during his time at Belmore.
Arriving from the Sydney Roosters ahead of the 2021 season, he played 13 games in his first campaign with the Bulldogs, and another 20 during the 2022 season.
Prior to that, he played 20 games at the Roosters in 2020, and nine games across 2018 and 2019 following his debut with the Cronulla Sharks.
Once touted as one of the best juniors in the game, Flanagan has struggled to break through at NRL level, only making 13 try assists in his 33 games for what has been a Bulldogs team struggling badly.
The Sydney Morning Herald are now reporting that Manly Sea Eagles CEO Tony Mestrov has confirmed the club will not pursue Flanagan, despite the fact his father is joining the club's coaching ranks under new boss Anthony Seibold.
The 24-year-old was strongly linked with an exit from Belmore at various points last year, including at one point in a player swap deal with Jayden Sullivan to the St George Illawarra Dragons, but ultimately stayed put, with his form improving after Mick Potter took over from Trent Barrett.
"Yeah, I think so," Flanagan said at a press conference in August.
"Obviously I live in Cronulla and I love the Bulldogs. They gave me an opportunity and I like to think I have turned things around and things are going forward for the club.
"As I said, if we keep winning and combinations keep building, this footy team is only going to get better.
"I'm loving my time here and I definitely want to extend here."
Flanagan, by his own admission, has struggled, but was excited to spend time under new boss Cameron Ciraldo, who has accepted what will be his first NRL head coaching role at Belmore after years as an assistant at the Penrith Panthers in Ivan Cleary's set up.