The City coach has recently signed a six-month extension but is free to leave the club whenever the right move comes along.
According to www.oldhamathletic.co.uk, the former England left-back: "declined to speak to Athletic's new investors as he felt it was inappropriate at this time".
The post has been empty since Iain Dowie left for Crystal Palace in December. Blackpool boss and former City midfielder, Steve McMahon, was strongly linked this week but remains at Bloomfield Road.