Aodh Mairtin Ó Fearraigh, the Donegal County Board secretary, said: "As far as we're concerned, Jim McGuinness is still the manager of the Donegal senior team."
Celtic and McGuinness (left) have been in contact for a number of months over an as yet undefined role at the club with Neil Lennon impressed by the approach and philosophy of the Donegal coach.
However, the €150,000 salary being quoted is earned by only a handful of individuals at Parkhead and is thought to be exaggerated.
Despite the riches of the Champions League pouring in, Celtic are unable to offer players or coaches the sort of salaries that are commonplace in the Premiership.
Lennon is believed to be on a basic salary in the region of €750,000 a year with his assistants Johan Mjallby and Gary Parker picking up under €200,000-a-year.
Celtic's major shareholder, Dermot Desmond, and Lennon are both interested in finding a role for McGuinness but are wary of the impact of a highly paid 'outsider' coming into the football club, especially on a part-time basis.