Winner Sports reported the professional wrestling magnate was eager to expand his brand into the Premier League and was hoping to purchase the club from current owner Mike Ashley.
"That's completely false," a WWE source told Goal USA on Tuesday.
McMahon was previously rumored to be interested in purchasing the Magpies in 2011, rumors that were quickly debunked by the club. The latest report indicated McMahon was also interested in staging wrestling events in St. James' Park.
His company, formerly known as the World Wrestling Federation before it was changed in 2002 partly because of a lawsuit with the World Wild Fund for Nature, is launching a new subscription-based streaming network in the United States next week with plans to expand the service to the UK and other countries later this year.
The 68-year-old McMahon's net worth has been estimated between $500 million and $1.1 billion. He occasionally made his way from the board room into the ring, winning the 1999 Royal Rumble and a WWF Championship.