That ultimatum had been delivered by email before Cardiff lost to Liverpool on Saturday but has still to be acted on by the controversial Malaysian businessman.
Tan has instead agreed to grant a stay and is also willing to meet with Mackay in an attempt to salvage their relationship. He will speak with supporters' organisations ahead of Cardiff's next Barclays Premier League match with Sunderland, too, with fans having been united in support of their manager after Saturday's defeat.
"As things stand Malky is in charge for the foreseeable future and will be until something else happens," said Mehmet Dalman, the Cardiff chairman, who discussed the situation with Tan on Friday. "The crisis for the time being is over. I have spoken to Vincent Tan and he has agreed I can go into bat to try to bring a solution to this situation. We need to have further dialogue to see if we can get through this together for the good of the club."