Media outlets across the country were abuzz with the news on Friday that the deregistered Brownlow Medallist had met with Magpies' coach Mick Malthouse and football manager Geoff Walsh in Perth about a possible return to AFL ranks in black and white.
But McGuire said any such talk was premature.
"These things are a long way away. Everyone is now going through their lists and getting set for next year and the draft and everything else, and I daresay we'll have a lot more stories … It won't surprise me if there's one saying St Kilda are into him or Essendon or somebody else," McGuire said on Melbourne radio station SEN.
"I haven't spoken to [Malthouse and Walsh] yet, but I'm not going to lie … I'm having a meeting … today just to discuss our drafting and our list and retirements etcetera.
"If they've spoken to him – and I don't know that they have – that will come up at the meeting."
Cousins, 30, has battled drug addiction, but has been training with WAFL clubs Perth and East Fremantle in an effort to rekindle his 238-game AFL career which was put on hold indefinitely when he was deregistered by the League for bringing the game into disrepute late last year.
McGuire admitted the thought of the sublimely-talented midfielder returning to the field was an appealing one, but said there were still a number of challenges for the former Eagle to meet before that could happen.
"I think there's a fairly well documented process here," he said.
"Ben, first of all, has to be [interviewed] by the AFL to prove that he's not a drug addict anymore and that's not just like turning up to get a Panadol at the local chemist, it's a fairly significant health issue.
"So I think while we all get excited about the football element of this, there's a massive human element to be considered long before anyone decides anything."
