Grayson made 230 appearances for Leicester City (Getty)

Blackpool chairman Karl Oyston has dismissed speculation linking manager Simon Grayson with the vacant role at Leicester City.

Grayson spent five years with Leicester between 1992-97, but Oyston says he has not spoken to his counterpart.

"Despite what has been reported, I have had no contact with Milan Mandaric," he told BBC Radio Lancashire.

"Nor would I welcome such an approach. Simon is our manager and he is doing a fantastic job."

Grayson replaced Colin Hendry as Blackpool boss in November 2005, having previously spent three years on the coaching staff at Bloomfield Road.

The 38-year-old signed a two-and-a-half year contract last December, but was installed as favourite replace Ian Holloway following Leicester's relegation to League One in May.

"I don't like to respond to rumours and speculation because you can spend most of your day doing exactly that," the chairman said.

I would like to reiterate once again there has been no communication with Leicester or any other club for that matter Blackpool chairman Karl Oyston

"Although we can't stop speculation we would like everyone to know that we have not had any approach nor do we want any approach from Leicester or any other club for Simon Grayson."

Oyston also revealed the manager has been in regular contact with club officials while on holiday over potential transfers.

"Simon, his assistant Tony Parkes, secretary Matt Williams and myself have discussed various players.

In his absence we have met a number of players and agents and we have made a number of offers and enquiries to various clubs.

"I am not prepared to disclose who we have met or who we have made offers to.

"As a club we like to keep things in house until the paperwork has been signed.

"All I will say is that we have made a number of offers to a number of clubs and players and when we hear back we will take things from there."