Dowie, who has led The Eagles into the Division One play-offs, had been touted as a replacement for Eddie Gray.
But Dowie said: "I have got an 18-month contract and I will work that contract. When the team's doing well you get interest, that's the way it is. But at times like this it's very important to stay focused."
Dowie is believed to be on a shortlist of candidates drawn up by Leeds to fill the hot-seat.
Others amongst the list are thought to be Kevin Blackwell, Gordon Strachan, Paul Jewell, Neil Warnock and Tony Pulis.
Dowie added: "You won't see me speculating about my future. All I will do is pay ultimate respect to Crystal Palace Football Club because that's who I am employed by. How that progresses is out of my hands. I am not owner of the club."