The Portadown man spent four years with the Tangerines as a player, but with current manager Peter Houston to bow out at the end of the season, O'Neill's name had been mentioned among his possible replacements.
However, he told UTV Sport the rumours are not true.
"That's a story that has emanated from Scotland today based on a Scottish journalist," he explained.
"I would say that they're probably best asking him why he has felt the need to write that story but certainly it's not something that I've given much attention to at all."
On Thursday, O'Neill visited Laurelhill Community College in Lisburn where he officially opened their new outdoor gym facilities.
He has been in the NI top spot for just over a year and said he is continuing to focus on the match at hand.
On Friday, O'Neill will name his squad for next month's friendly against Malta and he said Scottish Premier League has provided him with plenty of players to choose from.
"If you look at the SPL scoring charts at the minute the two top scorers are Billy McKay at Inverness and Niall McGinn at Aberdeen, so that's a huge positive for us," he explained.
"I've seen both players on a number of occasions this season. We've a number of other players in Scotland but it gives me the opportunity to get to games a lot easier than it did when I was based in Northern Ireland."