Newcastle have been searching for a replacement for former manager Alan Pardew, after he left St James' Park to replace Neil Warnock at Crystal Palace.
Several names have been touted for the vacancy on Tyneside and ex-England and Tottenham manager Hoddle has emerged as one of the front-runners.
However, the 57-year-old stated that his only priority is with his current role as first-team coach at QPR.
"There has been a lot of speculation. The media have been chasing me for a reaction to being heavily linked to the vacant Newcastle job," he told Zapsportz.
"All I am prepared to say is that I'm really enjoying the challenge of trying to keep QPR up this season.
"[QPR manager] Harry Redknapp gave me the chance to tip my toe back into coaching water and I'm up for the challenge. I've enjoyed working with Harry and the team.
"I'm looking forward to the second half of the season and the challenges that will bring in our attempt to stay up."
Hoddle, though, refused to rule out a future return to management adding: "Although I have never shut the door on management I’m happy doing what I’m doing now with QPR."
In the meantime, assistant manager John Carver is set to continue presiding over the team, with reports suggesting he will be in charge for at least the next two matches.
Former Lyon coach Remi Garde is thought to be favourite for the permanent post, while the likes of Steve McClaren and Eddie Howe, of Derby County and Bournemouth respectively, have ruled themselves out of the job.
"It's flattering [to be linked]," said Howe. "I am not going to say that you don't want to be linked with jobs because I think if you are not linked with jobs, you are not winning games. So I will take that for winning games.
"But I have no interest in any other jobs bar this one."
