Jim Magilton insists he has not made a bid to bring Sunderland forward David Connolly to Ipswich Town.
Reports have claimed that the Republic of Ireland attacker is a target for Magilton's promotion hopefuls.
But Magilton, who is armed with a transfer window kitty, has played down rumours of an offer for Connolly.
"It's that time of the year for newspaper stories with the January transfer window opening," Magilton told the club's official website.
"It's just speculation and no more than that. I guess we will be linked with players through the month until we get the players we want in the building."
Connolly has not featured for Sunderland in over three months and has started just one Premier League game this season.
Ipswich boss Magilton confirmed on Thursday that he has lodged a bid for an unnamed player, having failed with an offer for Plymouth Argyle midfielder David Norris.