Notts County executive chairman Peter Trembling believes Sven-Goran Eriksson will continue as director of football rather than become manager of Sweden.
The Swedish football association (SvFF) yesterday admitted they had made contact with Eriksson over the weekend regarding the coaching position vacated by Lagerback after he failed to guide the team to next summer's World Cup finals.
Jonas Nystedt, head of communications at the organisation, said Eriksson was part of a shortlist of "five to 10 names" which also includes Fulham manager Roy Hodgson amongst others.
Trembling though insists the Coca-Cola League Two club have not heard from the Swedes and reiterated his belief Eriksson will remain at Meadow Lane.
He told BBC Radio Five Live: "We have heard nothing from the Swedish FA so I am not sure how much of it is conjecture.
"He is contracted to us at the moment. We said to Sven when he joined us were not going to stand in his way should a dream job come up.
"If Sven is desperate to manage his home country I certainly wouldn't stand in his way.
"Having spoken to him about this I'd be very surprised if he was interested at this juncture of his career.
"Until we get anything official it's not even a real conversation. He said to me he wouldn't be pursuing that one if it came but it's all hypothetical.
"I don't want to be disrespectful to the Swedish FA and assume anything anyway."
Trembling also admitted he would not allow Eriksson to attempt to combine his club duties with those of Sweden manager should he get the job.
"We wouldn't allow him to do both jobs. It is a full-time job here at Notts County," he added.
"He is contracted to Notts County, he is enjoying his job immensely here so there are no plans of change on that front."
Trembling also admitted he was getting frustrated with the unsettling nature of the speculation constantly surrounding the Magpies.
"I am. It seems every day that something new is coming out. he is very happy here. We are so busy at the moment, we are trying to recruit a new manager," continued Trembling.
"He is focused 100% on doing that which we need to do as soon as possible.
"All these stories coming out don't help but we accept we are a high-profile club at the moment which is quite nice in some ways and Sven will always be a high-profile figure so I guess it goes with the territory."