The Sky Blues have been linked with the former Leeds United, Liverpool and Galatasaray winger for a while now but vice-chairman Scott Barlow has essentially ended any speculation by saying the 32-year old is likely to be too expensive.
"We've been speaking to Harry's management on and off for the past couple of years but not at the moment," Barlow said.
"We are always interested in a top-quality Australian coming back, and speaking to him.
"I've always had a lot of respect for Harry Kewell and what he has done on the field.
"If we do talk we'd have to be pretty comfortable with the financial make-up of the deal and there would be a need to make sure it is right for the club."