The Blues board have been in touch with an American consortium leading a four-way battle to take control.
But Dunne does not expect any talks on a £70m bid to be completed before the summer.
And as far as the City captain is concerned, the priority is to lift the team up from 15th place in the table, where they lay ahead of this afternoon's clash with Wigan at Eastlands.
"It's not even crossed my mind," Dunne said of the takeover talk. "If it is going to happen, it seems as if it's a million miles away at the moment.
"It's not going to happen, I imagine, before the end of the season - or soon, anyway."
The battle for control took a new twist last week when it emerged that ex-City defender Ray Ranson, a millionaire businessman, was behind one of the four groups interested in the club.
But Ranson is very much an outsider, with speculation mounting as to the identity of the American front-runners looking to invest.
Chairman John Wardle and his former business partner David Makin, who have the largest City shareholding with a stake of just under 30 per cent, are keen to ensure that any new investors make at least £10m available in transfer funds to manager Stuart Pearce.
Dunne echoed his manager's call for City's players to get the team to 40 points as quickly as possible to put the threat of relegation to bed.
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Focus on the Championship. Absolutely dreadful performance today. No fight no spirit no action in front of goal. Pearce out he should be ashamed of this dire play of late, surely the team cannot play under his leadership.
I am confused as to why players would be distracted by any future take over they are there to play football, and they are paid enough to do it.Even if they don't
like any new owners they can always find another club to pay them the same as they are getting now in wages. They are in a no lode situation not like the guy
who works for a ordinary company who talks of mergers and takeovers his main concern is will my job stay or go. Not the same for footballers I think this concern by players about any takeover is a smoke screen for the form the team has now achieved. So come on you players remember the privilege position your in and wear the shirt with pride and get this club out of the mire that you have put us in. Give the fans their pride back.
Do the City board really think that the fans are that stupid? We are lead to believe that the announcement of investors looking to put money into the club right at the time season ticket renewals are taking place is a complete coincidence. Garbage just like the football.