X-Men: First Class will tell the story of the series' most famous mutants, Charles Xavier and Erik Lensherr, and how the former friends became mortal enemies Professor X and Magneto.
The prequel will see younger actors James McAvoy and Michael Fassbender take over the roles made famous onscreen by British knights Patrick Stewart and Ian McKellen. and Jackman's ageless all-action character was rumoured to be making an appearance.
The casting reports reached fever pitch when Jackman was reportedly spotted near Jekyll Island, Georgia - where scenes in previous films in the franchise have been shot.
But bosses have moved swiftly to dismiss the gossip, insisting filming has not even started on the next installment of the film franchise.
Bryan Singer, who directed two previous X-Men films and is a producer on the new project, says, "He's not in the movie, he's in the Wolverine movies."
And a Fox spokesman adds, "X-Men hasn't started shooting in Georgia yet and if Hugh was in Georgia, it wasn't for this movie."
Jackson appeared in his own X-Men prequel, X-Men Origins: Wolverine, and is preparing to film a follow-up.