Celtic chairman Brian Quinn has claimed Alan Shearer instigated Parkhead interest in the Newcastle striker.
United boss Sir Bobby Robson had already confirmed the interest from Hoops manager Martin O'Neill.
But Quinn maintains the former England captain and his agent approached Celtic in the first place.
Quinn said: "The interest in Alan Shearer was not generated by us in the first place, it was generated by the other side - by the player and his agent.
"It was a question as to whether if Alan Shearer was going to move, whether Celtic would have an interest.
"So we had an interest but it never crystallised into a formal offer."
Quinn refused to rule out any further discussions with Shearer but conceded the chances of a deal are slim.
He added: "Of course Martin would be interested because he is a quality player.
"The enquiry was made by the player's agent on behalf of the player so they were doing the driving. They remain in the driving seat."
"If that should return, we will look at it. But, with every day that passes, the possibility of that (signing Shearer) recedes.
"I would say to our supporters not to have any expectations in that particular respect."
Filed by James Boylan
