Roberto Martinez has refused to be drawn about being linked with the vacant manager's post at Swansea City.
Roberto Martinez remains a firm favourite with Swansea fans
The Spaniard, 33, says it would be "disrespectful" to current club Chester City where he is captain.
But Martinez admits he still holds former club Swansea in high regard and refused to rule out a return one day.
"Swansea City is a fantastic football club, it's in my heart and the problem is that they are living in a division where they don't belong," he said.
The manager's job at Swansea is vacant after Kenny Jackett made a surprise split from the south Wales club on Thursday.
Martinez remains a firm favourite with Swansea fans, despite falling out of favour with Jackett before being allowed to leave the club last May.
It would be disrespectful of me to talk about the Swansea job when I'm contracted to Chester
He could be tempted to leave the Blues to return to the club he captained to League Two promotion in 2005.
If Martinez were to take up the reins at the Liberty Stadium for his first managerial job, it is believed that he could arrive with Kevin Reeves as his assistant.
Reeves is another with strong Swansea links, having been Brian Flynn's number two at the club.
But for the moment Martinez says he is not thinking about a first step into management.
"If Chester City get into a position that they allow me to consider the situation (at Swansea), then I'll be able to think about it," Martinez added after Chester's 0-0 draw at Wrexham on Sunday.
"At the moment I'm just thinking about next Wednesday's big game with Bury.
"It would be very disrespectful of me to try and talk about the Swansea job when I'm contracted to Chester and have another year after this season.
"But Swansea will always be in my heart whatever happens."
Chester are trying to put aside the speculation surrounding their captain, but admitted in a statement that they may have to face up to the prospect of losing Martinez.
"Should the situation develop, the club will re-visit the situation over the forthcoming days," it read.
Bookmakers have placed Martinez as one of the favourites to land the post, along with ex-Newcastle assistant Dean Saunders, former Everton manager Joe Royle and ex-Leicester boss Micky Adams.
Bolton midfielder Gary Speed and Blackburn assistant Mark Bowen have also figured in the speculation, while Swans caretaker boss Kevin Nugent and Wales striker John Hartson are outsiders.
Former Swansea manager John Hollins has applied for a second go at the job, while BBC Wales Sport understands that former Wolves, Leicester and Brighton boss Mark McGhee is also a candidate.
Swansea are determined not to rush into a decision, with a spokesman saying: "At this stage no decisions have been made, despite the speculation."