He told the BBC on Sunday morning he would be “very interested” in advising the next appointee on trade, but was himself “focussed” on the chancellorship election at the University of Oxford, where he is a candidate.

Dame Karen Pierce’s term in Washington DC is due to end in early 2025, with speculation growing on who could replace her.

On Friday, the Guardian reported that a decision from Number 10 on the next ambassador could be taken imminently, with Labour grandee Lord Mandelson considered one of the frontrunners, the paper suggested.

Speaking on the BBC’s Sunday With Laura Kuenssberg programme, Lord Mandelson said he was “more in favour of a new relationship rather than a special one” with the US, and added: “Can I just make the point if you don’t mind: nobody has spoken to me about this job.

READ MORE: Peter Mandelson bids for chancellor and ambassador roles

“I read about it in the papers but nobody has actually spoken to me about it, so let’s put it to one side.”

Pushed further on whether he would be interested in the Washington role, the former government minister said: “I would be very interested indeed in giving advice about trade to whoever is appointed.”

The former Hartlepool MP is among the final five candidates to become the next chancellor of Oxford, alongside former Conservative leader Lord William Hague; former attorney general Dominic Grieve; Lady Eilish Angiolini, who is a pro-vice chancellor at the university; and Baroness Jan Royall, previously leader of the opposition in the House of Lords.

Lord William Hague is vying against Lord Mandelson for the Oxford University role “I’m actually concentrating on and focused on something else,” Lord Mandelson, who was one of the key architects of Labour’s 1997 election success, said when asked about the ambassadorship.

“I know that people say that William Hague is a heavy hitter… he’s the favourite to be elected chancellor at Oxford.

“All I would say is that if the university does want a big hitter then it does have an alternative to look to.”

Earlier this week, a Cabinet minister said Dame Karen is “doing an excellent job” but could not say “exactly when her term will end”.

Cabinet Office minister Pat McFadden told Sky News: “She’s got the full confidence of the British Government, and we want her to keep on doing the job that she’s doing.

“And I think she’s going to be a very important interlocutor and adviser for the UK Government in this period of transition.”

He added: “I can’t say exactly when her term will end.

“She’s been doing it for a few years, but she’s there for the moment, she’ll be there for a while, and she’s doing an absolutely fantastic job for our country.”