And Newell's name was suggested by United fans during radio phone-ins in Leeds last week.
However, Newell, who has been in the public eye this week after his involvement in BBC's Panorama football bungs investigation, said: "I hope it's not because of what's happened this week that I get linked to any job.
"I've signed a four-year contract at Luton and I'm fully committed to this club. If people are linking me to them then fine, but I'm not looking for another job.
"It's flattering to be linked, but I think it's people phoning in who are suggesting it, I don't think it was Ken Bates!
"He's certainly not phoned me and he wouldn't phone me anyway because he'd have to speak to the club first in any case."