"There's always speculation when any big job comes up. I seem to be talked about in good terms and I'm appreciative of that but it's just recognition of the work myself and my staff do here," said the Rovers boss.
"I have not spoken to anyone from Newcastle, I spoke to my chairman last night and he has had no contact, and I don't think there will be any contact.
"I am in a very strong position here, I have a great relationship with the chairman and the board and that is really important.
"When managers have that relationship it's a big decision to forego that as the relationship is the key to whether we can be successful."
Hughes said Allardyce's departure from Newcastle on Wednesday had come as a shock to him.
He added: "I think it surprised everyone given the length of tenure of Sam's appointment.
"It was not anywhere near long enough in my view to enable him to be successful.
"There is a lot of pressure and expectation with a number of Premier League jobs and certainly Sam paid the price but he's a proven Premier League manager and I am sure a lot of chairmen will be keeping an eye on what will happen to him in the future."