Wouldn't rule him out some ways down the line. Reasons:
1. Knows the club inside out
2. Did a decent enough job as Asst Man and also standing in at Spurs when he had virtually no other managerial experience
3. Was able to turn it around at Newcastle and get them promoted etc before getting treated poorly. Maybe not a 'Top 4' experience, but managing the expectations at that club are never easy.
4. Has continued to do well (with limited resources and talent) at Norwich.
5. Appears to be totally implacable - deals well with adversity and performs well with the Media
Yes, he may not have any top level experience and probably needs a year or two to cement his reputation at PL level, but I wouldn't discount him.