Oxford say they have "politely declined" Blackpool's approach to speak to head coach Karl Robinson about the vacant job at Bloomfield Road.
U's chairman Sumrith Thanakarnjanasuth thanked Blackpool "for going through the right procedure" and said interest in Robinson was "inevitable".
He went on to say he hopes 39-year-old Robinson will remain with Oxford for "many years to come".
"Karl is a central part of what we are building," Thanakarnjanasuth added.
Following Tuesday's win over Accrington, which lifted the U's to within a point of the play-off places, Robinson said he was not aware of Blackpool's interest.
Thanakarnjanasuth confirmed that approach for the Liverpudlian was made before the match, but did not tell the manager himself until Wednesday morning.
"I didn't want to disturb Karl's pre-match routine," the Thai businessman said.
"It was unfortunate that rumours started coming out just before kick-off, but I rang immediately after the game although Karl was very busy as usual at that time, and by that stage it was 5am in Bangkok and even I need a little sleep sometimes.
"We talked this morning, and we talked a lot about last night's game, an important win, and then about our plans for the rest of the season.
"The team is playing so well right now and we are chasing down the teams above us. It is going to be such an exciting finish and we look forward to facing the challenge together."