Plymouth owner James Brent has denied making an approach to Neil Warnock about a possible role at the club.
Warnock, who managed Argyle from June 1995 to February 1997, was sacked by Queen's Park Rangers on Sunday.
He still has a home in the West Country and is revered by Argyle fans after he led them to victory in the 1996 Third Division play-off final.
"I haven't spoken to him. There have been no discussions about any future role," Brent told BBC Radio Devon.
Following Warnock's departure from Loftus Road, rumours quickly circulated about a possible return to the south west.
"I've met Neil and I have spoken to him previously, not recently, and I hold him in the same degree of respect as the Green Army does," said Brent.
And he refused to rule out talking to Warnock in the future if Argyle's bid to stay in the Football League falters.
They are currently bottom of the League Two table, three points behind third from bottom Dagenham & Redbridge.
"I don't know, we'll have to see how fate plays out," commented Brent, who expects current manager Carl Fletcher to bring in more players before the end of the January transfer window to bolster the squad.
"Carl's been very busy and I'm certainly hopeful that Max's announcement won't be the last.
"I'm not a football specialist but it's clear that we've got a good core team but we need to enhance that.
"We've got a challenging second half of the season that we're now in and we need to compete very well to make sure that we remain in the league," said Brent.
He backed Fletcher as the the man to lead Argyle to safety, adding: "Carl has done an incredible job, he's got a work ethic that is quite amazing.
"He's got a great camaraderie with his assistant and coaching staff and indeed with the team, it's a very good dressing room.
"I think Carl, as a very experienced footballer but a very inexperienced manager, is doing very well."
Brent will address a fans meeting ahead of Saturday's game with Burton Albion about progress on appointing a board of directors and new chairman.
The club has not had a chairman since Peter Ridsdale left for Preston North End in December.
"There's been some frustration amongst fans, and I can understand it, in that when there's a gap people expect it to be filled the following day.
"When Peter Ridsdale left my telephone was hot with people offering to come and fill his shoes and it would be very easy to have made an announcement the following day.
"But the football industry seems to take very quick decisions and they seem to get quite a high percentage of those decisions quite wrong," Brent explained.
"I can see the reason for that in terms of the pressure of the season timetable and people feeling they have to move very, very quickly, but I'm not totally convinced that moving quickly and making the wrong decisions is the right approach."