Rod Stewart — Penny Lancaster TURNED DOWN ‘Real Housewives’

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You won”t see Penny Lancaster on the “Real Housewives of Beverly Hills” next season … “cause she officially TURNED DOWN the reality show … this according to her husband Rod Stewart.

As we previously reported, Penny was one of the front-runners to replace Adrienne Maloof and Camille Grammer … but yesterday at LAX, Rod told us his wife ultimately pulled the plug on the negotiations.

“She doesn”t want to do that sort of thing,” Stewart said … adding, “She”s just happy being a mom.”

Meanwhile, producers are still on the hunt to round out the cast … and sources tell us former “Extra” host Dayna Devon is still a favorite to make the cut.

Stay tuned …