Gellar's TV show ran for six years before coming to an end in 2003.
And Fox has been a rumored favorite to revive the series since studio bosses announced last month that they are looking for a new vampire slayer to take the story back to the big screen.
But producer Roy Lee insists that casting has yet to begin: "The rumors of Megan Fox being involved with Buffy are just rumors. As with any film project with a female lead under the age of 30, Megan is the actress that most studios want, so it is no surprise her name is mentioned. While I think she would be great for our project, we are still in the early stages of developing the script."
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