The 53-year-old, who came close to landing the job after Sven-Goran Eriksson's departure, was quick to distance himself from the vacancy following McClaren's exit on Thursday morning.
He said: "I am contracted to Newcastle United and from my point of view, that contract needs to be honoured.
"I am not in a position like I was at my old club where the chairman openly extended the invitation for me to go for the position. I am not in that position now."
Asked if he was ruling himself out, he replied: "Yes."