A number of bookmakers have made the 38-year-old one of the favourites to fill the void left by Paul Dickov, who resigned from the role at the weekend.
However, despite Scholes's connection with the club as a supporter, chairman Simon Corney has insisted that no talks have taken place with the former England international.
"No," Corney replied when asked by Sky Sports News if discussions had been held. "Paul is a legend in Manchester and he comes to a lot of our games and sits in the stands with his two lads. He is a great guy and a friend of the club, but there has been no contact."
Iain Dowie is the current favourite to be handed the job, with Scholes ranked as second choice by the bookies. Scholes's former United teammate Nicky Butt is also thought to be in contention.