Money, who manged the Iron between 1993 and 1994 and also had two spells as a player at the Old Showground, is currently in charge of League One high-fliers Walsall.
The Saddlers are currently challenging for a play-off spot, despite suffering a defeat to Swansea at the weekend.
Money has previously spent time on the coaching staff at Coventry, and has emerged as a frontrunner to replace Iain Dowie at the Ricoh Arena.
"It's just speculation. It's understandable though because I had four very good and happy years there," Money told BBC West Midlands.
"But I'm the manager of Walsall and will remain so until told otherwise."