The Republic of Ireland international, 29, who left Reading for Wolves in a £6.5million deal in June 2009, has been linked with a move away from Wolves following their relegation to League One, with Leeds a reported destination.
But Doyle told Irish Radio: "I was with Brian at a wedding at the weekend and we had a bit of fun together.
"He signed me at Reading when he was chief scout, but no I won't be signing for Leeds."
Doyle scored 10 goals in 44 appearances for Wolves last season, while McDermott has also been linked with another striker he worked with at Reading, fellow Irishman Noel Hunt.