Farrell was asked on Friday about returning to the Boston Red Sox to replace embattled manager Bobby Valentine.
"I'm under contract here," said Farrell.
When pressed on if he'd heard the rumours Farrell added: "That's the operative word: speculation. I'm not going to comment on speculation and conjecture."
Farrell had been the pitching coach for the Red Sox from 2006 to 2010, including a World Series win in 2007. He left Boston to become the Blue Jays manager in October 2010.
Valentine has come under fire as of late, with players reportedly meeting with the Red Sox's owners to voice their frustration with his tenure as Boston's manager.