Harry Redknapp today responded to reports that Newcastle are poised to make a formal approach to Portsmouth in a bid to make him their new manager by insisting there has been no contact from Tyneside.

Redknapp is thought to be the number one target for Newcastle owner Mike Ashley following the departure of Sam Allardyce.

But Redknapp, who signed an improved three-and-a-half-year deal with Portsmouth in October, stressed this morning that there had been no approach to Pompey from Newcastle and dismissed rumours of a secret deal between the clubs.

"To say a deal has already been done is absolute rubbish," he said. "I couldn't say anything else because that's the situation.

"There has been no approach. All I'm doing is trying to get a couple of players in before the Sunderland game (Portsmouth visit the Stadium of Light on Sunday) but I haven't got anywhere with that.

"Nobody from Newcastle has contacted me and in any case, that wouldn't be allowed. Nobody has contacted Peter Storrie."

Redknapp also insisted that money would not be an over-riding factor in any decision over his future should Newcastle make an approach for his services.

"Money would not be an issue to me," he stressed. "I wouldn't go anywhere just for the money."

The former Saints manager emerged as one of the favourites within hours of Allardyce's departure on Wednesday evening as ex-Dell star Alan Shearer receded in the betting following suggestions that the club was looking for an experienced manager.

A hint that the man at the top of the list was currently in work did little to quell the speculation, and Redknapp and Blackburn's Mark Hughes - another ex-Saints striker - pulled clear at the head of the field amid an emotional groundswell for Kevin Keegan (yet another former Saints striker!) Redknapp insisted he had not been contacted by anyone from Newcastle and that he was happy where he was.

However he did not categorically rule himself out, something Pompey later attempted to do by issuing their own statement.

It said: "The club has received no approaches for the services of our valued manager Harry Redknapp. He remains as committed as ever to this football club.

"He recently signed a new improved four-year contract with Portsmouth.

"The club has made significant investments over the last two years in both players and infrastructure and the results that are now being enjoyed are the fruits of those investments.

"Last season, the club finished in its highest position for 52 years and this season we are on course to better that. We have recently won nine out of 10 away games, a club record.

"We are in the middle of the busiest time of the season because of a heavy fixture list and the month-long transfer window and as such this speculation is unhelpful."

An approach for Redknapp now seems imminent, and while Portsmouth would have every right to reject it if they so wished, they could then find themselves facing a fight to hang on to a man who may find the lure of one more big job too much to resist.

Newcastle certainly believe they can tempt Redknapp, who has worked wonders in his second spell at Fratton Park. Only the club's recent indifferent home form has denied them a place in the Barclays Premier League's top six.

However, his contentment with life on the south coast could prove a major obstacle amid rumours that the Magpies might be prepared to fly him to and from the north-east each day.

Newcastle have already made inquiries over Manchester United defender Wes Brown and Arsenal midfielder Lassana Diarra, and Redknapp's nose for a player would be a welcome addition to the Magpies' armoury in the face of a less than impressive recruitment record in recent years.