The Newcastle hot seat is set to be vacated by Alan Pardew, who is reportedly finalising a return to Crystal Palace after being granted permission to speak with the Selhurst Park club.
McClaren is among a list of candidates for the job following a successful spell in the Championship that has seen the former England boss restore his reputation.
But McClaren, who oversaw Derby's 2-0 win over Leeds United on Tuesday to end the year in third position, played down a potential move to Newcastle.
"I think there have been about 10 [people] linked," McClaren told reporters on Tuesday.
"It's the speculation season and all we can do is focus on what we are doing. We've got big games coming up and a job to do here.
"In the last year, I think we have established ourselves as a very good team, the club is building and growing and these are a great bunch of lads to work with and when they play like they did tonight, I enjoy watching their football.
"Their attitude is tremendous, they work hard and if we lose, it's not through a lack of endeavour. They never stopped chasing for 95 minutes and that is the platform."
