McClaren brushed off the rumours after Derby's victory over Leeds United on Tuesday and he has done so again.
His odds on being the next Newcastle boss have been cut to 7/2.
"I spoke enough about that on Tuesday - I have got a job to do here," said McClaren.
Asked if he had heard from Newcastle, McClaren said: "No, it's pure speculation."
Asked if he was flattered to be linked with the Premier League club, McClaren added: "I'm past all that.
"I used to be [flattered] when I was younger, but not now.
"I realise it is all part of the game.
"This is normal in football.
"Derby County are doing well, playing good football, are near the top of the Championship and challenging again after last season.
"There will be speculation over players, coaches etc - it is that period of the season when there is a lot of speculation.
"The only thing I am pleased about is that over the Christmas period we have got back to something like ourselves after a tough week of games against Middlesbrough, Chelsea and Norwich."