The former Crystal Palace has since seen his name linked with a switch to Griffin Park but Devlin, who previously worked with the 50-year-old at QPR, believes that the pair's former working relationship has fuelled much of rumours.
Speaking to Get West London, the Brentford chief said: "Ian's name has been mentioned by a lot of fans, but I'm not even sure if he's interested.
"He's a great character who gets the best out of his players. However, people are just putting two and two together because we worked alongside each other at QPR."
Holloway has been out of management since parting company with Premier League outfit Crystal Palace earlier in the season.