The 21-year-old, runner-up to Marc Marquez in last year's Moto2 championship, has been linked to a factory contract with the Japanese manufacturer.
Tech 3 satellite rider Cal Crutchlow, whose own deal runs to the end of 2013, admitted to AUTOSPORT that he was aware of talks between Espargaro and Yamaha.
The Spaniard said he was not allowing himself to be distracted by such talk however, insisting that his focus remains firmly on his title bid in Moto2 this year.
"No, not yet," he said when asked if the rumours had started to become a distraction.
"We have only had three races and the MotoGP dream is still far (ahead) for me. We have to focus 100 per cent on Moto2 this year, I think that's the important thing.
"They're talking a lot about MotoGP, but I don't want that to distract me.
"We will see what happens in the middle of the season and at the end of the season, which is one of the most important of my life.
"I don't want that to be a distraction and we need to continue with the job in hand in Moto2; I have had one win, one fall and one third place, but it's looking good for Le Mans."
Tech 3 boss Herve Poncharal confirmed earlier this week that Espargaro could potentially replace Crutchlow at the end of the season.
"That Yamaha and Espargaro have spoken is a certainty," he said.
"He is one of the most talented young riders in Moto2.
"Personally, I have never talked to Espargaro on behalf of Tech 3...what I do know is that Yamaha has four bikes and, when Cal Crutchlow is the only rider who is contracted only for this year, some think Espargaro could take his place."
Espargaro currently lies third in Moto2, 11 points off leader Esteve Rabat.