Laws' playing career took in a spell at the City Ground, playing under the legendary Brian Clough before leaving to become player-manager at the Cods.
But Laws has re-iterated his commitment to Scunthorpe, where he has been in charge for more than seven years, and his intention to lead the side back to League One.
He told the Scunthorpe Telegraph: "People know my feelings for Forest, I was there a long time and still have lots of friends there.
"I'm sorry to see the club in their present condition, I can't stop rumours and people speculating but as far as I'm concerned there is nothing more to be said.
"I will not be applying for the Forest job. I have a job here that is only half finished.
"The only club that concerns me at the moment is Scunthorpe United, and I don't want anything to distract us from what we are trying to achieve this season."