A spokesman for Indian businessman Anil Ambani has denied that he has launched a takeover bid for Newcastle.
Billionaire Ambani, estimated to be the sixth richest person in the world, has long been linked with an interest in the troubled Tyneside club.
Ambani, who is said to be a Magpies fan, was reportedly ready to make his move after the club plunged into further turmoil under Mike Ashley's reign following Kevin Keegan's decision to quit the club last week.
However, Ambani's official spokesman has denied that talks are under way with Ashley about purchasing the club.
"We have denied this earlier and we have no plans to take over Newcastle United or any other English club," head of Corporate Communications for Ambani's parent group Reliance, Gaurav Wahi, told The Journal.
"All these media reports are inaccurate.
"Our position is that nothing has changed and we have been wondering why these stories keep surfacing in England.
"We have not expressed interest in Newcastle. There is nothing in the latest stories. It's a non-starter."
A source close to DIC - the investment arm of the Dubai Government who tried to buy Liverpool - has also told The Journal that they have no interest in Newcastle.