A spokesman for the club insisted that no such plan exists despite Jol's role as head coach having been under the spotlight for some weeks.
The speculation led Jol to insist he had the full backing of chairman Daniel Levy following Sunday's 1-1 draw with Bolton.
Jol also insisted Levy had described as "rubbish" reports linking the north London club with the Portuguese coach.
He said: "Daniel Levy phoned me to say it was rubbish and hoped that I would be with him next year.
"He is always good to me, always backing me."