The former Brighton, Leicester City and Coventry City chief says he is enjoying his time as number two to Geraint Williams and has no plans to leave Layer Road.
He told the Evening Gazette: "My situation has not changed from day one.
"It's flattering to be linked and I still want to be a manager, but the arrangement is still the same.
"It will have to be the right opportunity for me and as I speak I'm very, very happy working for Colchester. Unless it's a fantastic offer, I won't be going anywhere.
"Geraint and I have a fantastic working relationship and that's very important between the manager and his assistant."