Daily Variety claimed Wright would be reteaming with Keira Knightley for a new version of the 1964 musical, based on George Bernard Shaw's comedy of manners, Pygmalion.
But the Atonement filmmaker has shot down the rumours, revealing he turned the project down.
He says, "It's not happening! It's all a lie. I thought about it for a couple of minutes and decided not to do it, and then suddenly it got into the press that I was doing it."