McDermott, who has Irish parents, was named as a "contender" for the vacant position by Football Association of Ireland chief executive John Delaney following the departure of Giovanni Trapattoni on Wednesday.
But while McDermott admitted that he did harbour ambitions to manage Ireland one day, he insisted that his focus for now is on Leeds.
"Everybody knows what I feel about Ireland, my family, my history, and how important it is to me," the former Reading manager said.
"My situation is that one day I want to manage the Republic of Ireland, but at this moment in time I'm at a fantastic football club.
"I've kind of been adopted here and I feel I owe this club and these supporters, and that's really important to me. I'm committed, 100 per cent."
The 52-year-old is determined to achieve success at Elland Road before turning his attentions to the international stage.
"What's important to me is that one day we become successful at Leeds United," he continued.
"One day if I ever get the opportunity, and it's been something of a privilege this past day or so seeing my name linked, that (Ireland manager) would be a job I really want to do.
"But at this moment I won't be leaving Leeds United for anyone. In years to come if Leeds United get fed up of me that might be the case, and if I ever get that opportunity then I would love to take it."
