Reports emanating from Elmander's homeland claimed the Magpies were weighing up a move for the 29-year-old.
Elmander's current deal at Bolton expires at the end of the season and he could leave on a free transfer.
However, Hughton insists he has no plans to try and sign the former Toulouse hit-man in the January transfer window.
"There's absolutely nothing in that whatsoever," said Hughton.
"As always there will be speculation surrounding this club, but I can tell you that one is most definitely a non-starter."
Source: Team Talk