Bolton chairman Phil Gartside insists Sam Allardyce will not be joining Sunderland.
There has been increasing speculation that Allardyce is one of the targets for the Championship club's incoming chairman Niall Quinn.
The Bolton boss has seen his team finish eighth, sixth and eighth in the last three seasons and take a firm foothold in the top flight.
Gartside is baffled at reports Allardyce may be dropping down a division.
He told the Bolton Evening News: 'It is nonsense to suggest Sam would even consider leaving Bolton to go to Sunderland.
'How could anybody even think that?
'Why would he consider leaving a club - one of only five clubs to finish in the top 10 of the Premiership for the last three years - to go to a club that has just been relegated and where there is no money?'
Gartside, currently in Australia on business, dismissed suggestions that a fall-out between him and Allardyce had prompted the manager to consider moving on.
Only one player has been drafted in - midfielder Idan Tal - with another five still on the club's wish-list.
Gartside said: 'I've been in Australia and Sam's been in Europe, but the two of us are constantly in touch.
'To suggest that we have a problem is laughable.
'He's been getting on with the job of strengthening the squad, checking out potential signings and speaking to players.
'There has been very little business done anywhere in the last few weeks because of the World Cup.
'Nevertheless, a lot of work is going on behind the scenes.
'Money is available and we're making a lot of offers but, like we've always said, the club won't be held to ransom by anybody.'