"I've had an approach from Millwall and I've turned them down," confirmed chairman John Fry on Yeovil's website. "I won't allow any other club to speak to Russell - I let him know about the interest and I have his backing."
"He's done a fantastic job here and it's inevitable he will be in demand," continued Fry. "But he's got a long-term contract here and this club is heading for the Championship."
Tranmere Rovers manager Ronnie Moore has also ruled himself out of the running after press reports linked him to the vacant position but former Brentford boss Martin Allen has declared his interest, despite his unpopularity in recent supporter polls.