Leicester City chairman Milan Mandaric has denied that any approach has been made for Swansea City boss Paulo Sousa.
But Mandaric, the former Portsmouth owner, stopped short of ruling out a move for Sousa in the future.
Leicester are seeking a replacement for Nigel Pearson as manager, after he opted to take over Hull City.
"Paulo didn't apply for the job and we're not in the process of any conversation to talk to Swansea," Mandaric told BBC Sport Wales.
"That would normally be the first step for us but we didn't take that approach yet, I'm not quite sure if that's going to take place at this time.
"So it's purely speculation on the media side at this point... we have got 15 to 20 other managers that are applying for the job as well.
"Of course I admire his [Sousa's] style of football and he's a younger, successful manager and everyone recognises that."
Swansea chairman Huw Jenkins is unhappy about the speculation linking his manager with the job at the Walkers Stadium, especially as Sousa has two years left to run on his contract at the Liberty Stadium.
However, bookmakers have installed the Portuguese as one of the favourites for the Leicester job.
"I'm very surprised and shocked about all the speculation," Jenkins told the South Wales Evening Post.
"I met with Paulo and [scout] David Leadbeater earlier this week to talk through various things about players and the weeks ahead.
"As far as I am concerned, everything has been running as normal.
"And considering our relationship with Paulo and with his agent I would fully expect them - if there was any approach direct to them and not via the official route through myself at the club - to let me know about it.
"I think we have enough respect for each other to ensure that they would speak to me about something like this."
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