It had been claimed the 53-year-old was on the verge of joining Argentine minnows Deportivo Riestra but the club's management have denied the reports.
It had been reported in both the 53-year-old's homeland and in the United Kingdom that the former Napoli and Barcelona man was on the verge of joining the minnows.
However, club director Gustavo Varela has dismissed the claims.
"There is no chance that Diego will come as a player or a coach," he told Goal. "There was a chance for him to come to the club as a consultant, but there is nothing concrete."
Meanwhile, the club's vice president Marcelo Salorio also poured water on rumors that Maradona could join his side.
"Maradona will not play here," he told TyC Sports. "I wish that he could but there is nothing. We don't know where this story, which has no basis, has come from."
Maradona, who captained Argentina to success at the 1986 World Cup, retired as a player in 1998 following a spell with Boca Juniors.
He has had limited success as a coach, most notably with the Argentina national side. He was sacked by the AFA in July 2010 after 18 months in the role.