A number of Sunday papers reported that Speed was furious with the terms of a new deal he had been offered and wanted to leave, however the stories turned out to be untrue as negotiations about a contract extension for the Welshman have yet to begin.
"If Blackburn and Middlesbrough are interested in Gary Speed then its news to me,” said Shepherd.
"Certainly we have had no bid for him. And as far as his contract is concerned I can categorically say that there have not even been any talks with Gary Speed and his representatives so any talk about him being upset is wide of the mark.
"What will be occupying Gary Speed's thoughts will be getting himself fully fit for what looks like being another big season for Newcastle."
Speed has 12 months left on his current contract and after his performances last season it is to be hoped that the club do make him a fair offer to extend his stay at St James’ Park.