The former Nottingham Forest defender held talks with Owls chairman Dave Allen this week but will continue to do the job at Glanford Park until he knows more about any possible appointment.
He told The Iron's official site: "In the past both my chairman and I felt that in the interests of Scunthorpe United, there was no need to elaborate further as there has been no offer to date for me to consider. My 100% commitment and totally loyalty is to Scunthorpe United and it would take something very special to tempt me away from the club which is so much a part of my life.
"I believe Sheffield Wednesday have now announced their shortlist and that I feature somewhere in the mix. I must stress however, that, from my point of view there are many more questions to be asked and answered before any decision is made. I'm sure this will be the case for both parties."
Meanwhile, Allen has bizarrely flown out to Belgium today to continue his search for a new manager after he admitted there will be a shortlist of three people which Laws will be on.