Leeds chairman Ken Bates has denied the club has approached Mick McCarthy over the vacant manager's job at Elland Road.
McCarthy, 53, was sacked by Wolves on Monday and was immediately installed as one of the favourites to succeed Simon Grayson as manager of Leeds.
One national newspaper claimed Leeds were ready to offer McCarthy a swift return to management, but Bates told Yorkshire Radio: "The world and his wife has applied for this job because it's a good one.
"[On Tuesday] a national newspaper said we had already approached McCarthy and offered him the job.
"I don't know where McCarthy lives or what his telephone number is. It's just speculation gone mad."
The rumour mill has since cranked up another gear over the possibility of Bates turning instead to former Huddersfield manager Lee Clark, sacked by the West Yorkshire club despite maintaining a challenge for automatic promotion from npower League One.