If he were to move to the Reebok Stadium, the 33-year-old Spaniard would be following in the footsteps of veteran stars like Ivan Campo and Fernando Hierro that Sam Allardyce brought to the club from Madrid, but Coyle said he had not made any approach for the player.
"Guti has always been a fantastic player, a top player in world football all his days, and I think the job Sam Allardyce did at this football club was unbelievable and all credit to him," Coyle said.
"I think what you do is you recognise if there is a position that you think can help the football club and there is the right kind of player available then you look to strengthen it and bring in accordingly.
"But I haven't had any conversation about Guti with anybody."