Toshack stepped down from his national team role on Thursday and former Wales international Jackett is the bookmakers favourite after guiding Millwall into the Championship.
His immediate focus however is Saturday's trip to the City Ground and he told his official club website at www.millwallfc.co.uk: "I understand there will always be media speculation whenever a managerial post becomes vacant and of course I am flattered to have been linked in some quarters with the Wales job.
"But, while at some time in the future the prospect of international management might be appealing, this is certainly not the right time for me.
"We have just been promoted to the Championship, it is still early days for us at this level and I am fully focused on my job here at Millwall."