Scunthorpe chairman Peter Swann has dismissed rumours David O'Leary is in the running for the vacant manager's job at Glanford Park.
The Iron sacked Brian Laws last week following a five-game winless run, but responded under caretaker-bosses Russ Wilcox and Tony Daws with victory at Portsmouth on Saturday.
Swann and the board hope to draw up a short-list of candidates to succeed Laws this week.
"A big thank you to Russ and Tony for stepping in and steadying things, it can never be easy when a manager goes especially when you've worked with them for 14 years, so the professionalism shown towards the situation is warmly applauded,"
Swann told the club's official website. "With regards to the manager's position, I find myself once again repeating the fact that David O'Leary is not in contention, has not applied and has never met me.
"Please do not waste your money, if you're having a little gamble on the outcome, the bookies are the only winners.
"Applications are still coming in and we will begin looking at a shortlist over the coming week and I must say we have a lot to discuss as a board, so please give us time and we will find the best candidate for the job."
Scunthorpe United are searching for someone to take over the manager's position after the sacking of Brian Laws on Wednesday.
Laws was relieved of his duties following a 2-1 home defeat to rivals Grimsby Town in an FA cup replay.
Former Leeds United and Aston Villa boss, David O'Leary leads as favourite to land the role. The Irishman last managed UAE's Al-Ahli in 2011, winning just six of his 15 games in charge.
Also being touted as potentials to succeed Laws are former Hull City manager Nick Barmby and Steve Cotterill.
Grimsby and Scunthorpe fans sing "you're getting sacked in the morning" to Brian Laws after last night's game.
Brian Laws gives his last television interview before his sacking - after last night's defeat to Grimsby Town.
Scunthorpe United have sacked manager Brian Laws following last night's 2-1 home defeat to Grimsby Town in the FA Cup. Laws returned to Glanford Park last October for a second spell at the club. In his 52 games in charge since his comeback the Iron have won 17, drawn 14 and lost 21.
The club are currently 12th in League 2, but just 2 points off a play-off place. However last night's defeat to North Lincolnshire rivals Grimsby had the home fans chanting "you're getting sacked in the morning" and that appears to have sealed his fate.
Scunthorpe boss Brian Laws says he is hopeful the club can agree a new deal with striker Karl Hawley.
The 31-year-old has been with the Iron since September after agreeing a short term stay and Laws is keen to retain his services beyond January.
Hawley has scored five goals during his time at Glanford Park, striking up a promising partnership with Leon Clarke, and the club are working hard to thrash out fresh terms with him.
Brian Laws has arrived back at Scunthorpe United for a second spell as manager, succeeding Alan Knill, who was sacked on Monday. Laws spoke to our Sports Correspondent, John Shires, about his hopes of leading the club away from the League One relegation zone.
Sacked Scunthorpe United manager, Alan Knill, will be replaced by Brian Laws as of tomorrow.
The board decided to remove Knill from his post after this weekend saw the club lose their ninth league game out of 15 this season.
The 48-year-old former Iron player won just 16 of his 78 games in charge of the club since he replaced Ian Baraclough in March 2011.
Laws, who will be assisted by Russ Wilcox, returns for his second spell at Glanford Park after achieving two promotions in a nine-year stint between 1997 and 2006.