Former Manchester United winger Ryan Giggs has had no contact with Sunderland over their managerial vacancy, Press Association Sport reports, despite bookmakers slashing the odds on his appointment.
On Wednesday afternoon, the 43-year-old was backed in from 25/1 to 1/5 with some betting companies to replace the departed David Moyes at the Stadium of Light.
However, sources close to Giggs have told Press Association Sport that while the Welshman is ready to talk to clubs about opportunities, he has "categorically received no approach" from Sunderland.
Sources on Wearside also played down speculation that they were about to make an appointment as books fast approached the point of being closed.
The club is looking for Moyes' successor after he resigned last week following a disastrous season which ended in relegation from the Premier League.
Disgruntled supporters are hoping for a fresh start after a chaotic period in Sunderland's recent history which has seen eight different managers occupy the hot seat in the eight-and-a-half years since Roy Keane vacated it in December 2008.
Giggs is ready to launch his own managerial career after briefly stepping into Moyes' shoes at Old Trafford and then serving as successor Louis van Gaal's No. 2, and he has been linked with a series of clubs in recent weeks.
Giggs could yet find his way on to the Sunderland shortlist, but, if he has already, he has not been made aware of it.
Sunderland chief executive Martin Bain, aided by former Scotland boss Walter Smith, have spent the last week or so assessing their options and are reported to be close to beginning an interview procedure with prospective candidates.
However, given the club's ongoing difficulties on and off the pitch, they are thought to be targeting experience for life in the Championship.
Aberdeen boss Derek McInnes has emerged as a strong contender, while former Newcastle manager Alan Pardew continues to figure prominently in the betting, despite having ruled himself out of the race.