Owen Coyle has dampened speculation that Guti could be following in the footsteps of former Real Madrid employees Fernando Hierro and Ivan Campo by joining Bolton Wanderers.
Guti, who has started just three Primera Liga games under Manuel Pellegrini this season, has been linked with a possible move to the Reebok Stadium, raising hopes amongst Bolton fans who saw Sam Allardyce twice raid the Bernabeu during his time at the club.
But Italian champions Inter Milan are also believed to be interested in the Spanish playmaker, 33, and Coyle has made no attempt to recruit Guti from Real as yet.
"Guti has always been a fantastic player, a top player in world football all his days, and I think the job Sam Allardyce did at this football club was unbelievable and all credit to him," Coyle said.
"I think what you do is you recognise if there is a position that you think can help the football club and there is the right kind of player available then you look to strengthen it and bring in accordingly. But I haven't had any conversation about Guti with anybody."
One player who is likely to be of interest is Arsenal midfielder Jack Wilshere as Coyle attempted to bring the England Under-21 international to Burnley before swapping Turf Moor for the Reebok Stadium earlier in the month.
Arsene Wenger is ready to allow Wilshere to join a Premier League club on loan but Coyle is unwilling to elaborate on his interest given that Bolton play Arsenal in the Premier League at Emirates Stadium this week.
"I'm a little bit uncomfortable talking about it because we play Arsenal on Wednesday and I don't think that's the way we should go about it," Coyle said. "But he's a fantastic young player, a player I believe will eventually play in the Arsenal first team and for England.
"He's one that I've always admired, but I think that conversation is for after Wednesday night when we've played Arsenal, and we'll take it from there."
Coyle also confirmed he had not made enquiries about Sheffield United's Matt Kilgallon or Stoke's Andy Wilkinson.
He said: "I'd be quite comfortable telling you if I'd spoken to anybody about any of those players and I haven't. I think we all recognise that because there is a transfer window there will be speculation and if a new manager comes in, you're going to be linked with everyone from Guti to whoever else is thrown up. If and when I have news, you will be the first to know about it."
One player who could be about to sign on with Wanderers is United States midfielder Stuart Holden, who has impressed Coyle during a trial with the club.
"Stuart did well since he came in," Coyle said. "He's picked up a little thigh injury in the last couple of days which has curtailed his movement a little bit. But he's done well and I'll have a chat with him today and his representative and see where we go from there."