The England international's Newcastle contract expires at the end of June and his management company, Wasserman Media Group, has circulated a brochure to selected clubs who could be interested in his services.
Whelan (talking to the Daily Mail): "We haven't received the brochure, and we wouldn't be interested in him anyway.
"His wages are too expensive, for one thing, and, for another, you have to ask whether he still has the urge, the bottle and the drive.
"I hope he has, because he has been a great player. But that's a big question.
"I tried to sign him when he came back from Real Madrid. I told his agent I'd pay the £15million asking price and allow him to move on whenever he pleased because I wanted him to be playing over here in readiness for the World Cup the following year.
"He's looking a bit injury-prone these days, and he does love his horses.
"His wages will come down, but it would still be a hell of a lot for us to pay someone more than £25,000 a week."