Rangers boss Walter Smith has played down speculation linking Barry Ferguson with a move to Newcastle.
Magpies manager Joe Kinnear has made no secret of his desire to strengthen during the January transfer window, and had hinted that Ferguson was a player he had his eye on.
The Premier League outfit are also believed to be keen on Madjid Bougherra and Allan McGregor, but the Gers insist no approach has been received for either player.
Smith does admit that Wolves have been in contact regarding Alan Gow's availability, but has dismissed suggestions that a mass exodus from Ibrox is imminent.
"You always get that at this time of the year. Players, managers, everyone has to handle that," he said.
"We are speculating on speculation, that's how bad it gets at times.
"We have had one offer from Wolverhampton for Alan Gow and that's the only contact we have had from anybody so far."