The Islanders had been linked with the 32-year-old after Larsson's agent Rob Jansen had claimed that his client would be moving to 'Southern Europe' when his Celtic contract expires.
With Samuel Eto'o widely expected to move on from Mallorca this summer the Spaniards will be looking to bring in a high-class replacement, but technical secretary Pepe Bonet insists that Larsson is not in the running.
"We have not contemplated the possibility of signing him. It's an offer that has been made to us, which has not been acted on," declared Bonet.
He also asked the club's fans to give their new signings time to settle in.
Nigerian Finidi George and Serbian hit-man Andrija Delibasic were both brought in during the transfer window, and Bonet is sure both will prove to be excellent acquisitions.
"They are great footballers to whom you must give time."
Meanwhile, Jovan Stankovic, who was deemed surplus to requirements at the club after the arrival of George, looks set to complete a move to Shakhtar Donetsk.
