A report by The Sun claimed Bin Salman was readying a £3.8billion takeover bid – a deal that would give the Glazer family a huge £2.2bn profit on the club they controversially acquired for £790million in 2005.
A tweet from Turki Al-Shabanah, the minister for Saudi media, claimed a meeting had taken place between United representatives and the Gulf state's royal investment fund, but only to discuss a potential sponsorship tie-up.
"The news that Prince Mohammed bin Salman desires to acquire Manchester United is completely untrue news," Al-Shabanah's tweet read.
"The fact of the matter is that the club held a meeting with the public investment fund to discuss an advertisement sponsorship project.
"The Fund listened to the proposals as [it would] any other".
In October 2017, United agreed a strategic partnership in Saudi Arabia with the country's General Sports Authority (GSA).
The Red Devils also have a commercial partnership with Saudi Telecom and, at the time of the GSA deal, United's group managing director Richard Arnold said: "The club has a long-standing relationship with Saudi Arabia and has over five million passionate fans in the region.
"Having the chance to help shape the football industry in the Kingdom is a great honour and it is something where we believe we can make a big difference."