Speculation emerged claiming that the former Crystal Palace boss would be considered if the club decided to part ways with Bowyer.
The rumours began after Shaw and Bowyer travelled to India to hold talks with the owners, despite the trip being pre-planned and unrelated to matters on the pitch.
"We didn't discuss anything like that," the Lancashire Telegraph quotes Shaw as saying. "If people want to put ridiculous stories out there, then fine. I don't know for how many years we're going to have this nonsense every time we meet the owners."
Blackburn are currently 13th in the Championship table.