Solskjaer, who is currently the manager of Norwegian champions Molde, was believed to have expressed an interest in the position which became available following the resignation of Steve Kean last week.
Speaking on Thursday afternoon ahead of Molde's Europa League clash against Stuttgart, the 39-year-old denied he has been in touch with the Championship club.
"It's the same as always. Speculation." Solskjaer told reporters. "We have gone up this path before and it is only speculation.
"It will happen when it happens, that I have to pick up the phone to (Molde owner) Kjell Inge Rokke regarding a job offer, but I have not spoken to Blackburn as yet.
"I can not say any more about Blackburn now. It speaks for itself that you don't have anything else to write about other than this."