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Strachan is under pressure as his side have taken just four points from their opening four World Cup qualifiers.
And Edinburgh-based O'Neill has been suggested as a potential successor.
Speaking before Tuesday's friendly with Croatia at Windsor Park, O'Neill said he had "not given it a second thought" and that "I'd rather not comment".
O'Neill signed a four-year contract extension in March, before guiding Northern Ireland to the last 16 of Euro 2016.
His side are second in Group C after four matches of the qualifying campaign for the 2018 World Cup in Russia.
Asked if fans should be worried about him being linked with the Scotland post, O'Neill added: "No, I don't think so.
"First of all, there's someone in that job who I have a huge amount of respect for, who is a manager I played under [at Coventry].
"It's probably the fact I live in Scotland is a bigger driving factor of that than anything else. I haven't given a second thought to that at all."
Northern Ireland manager Michael O'Neill has downplayed suggestions that he could be interested in replacing Gordon Strachan as Scotland boss.