The 28-year-old midfielder is a free agent after leaving Notts County at the end of this season and reports have linked him with another return to Sincil Bank.
"I'm bound to be linked with Butcher, he was a real fans' favourite here," Jackson told BBC Radio Lincolnshire.
"I've been linked with lots of players, a lot of it's absolute nonsense, some of it's true. So is it true? Maybe."
Butcher made in excess of 100 appearances for Lincoln before joining Oldham in 2005. He returned to the club for a brief loan spell later that year.