Russian chemical giant Uralkali has denied that its key investor Dmitry Mazepin is in talks with Williams to acquire a stake in the British outfit.
A report from Italy earlier this week claimed the Russian billionaire was seeking to invest in Williams and perhaps purchase a controlling stake as a means of fast-tracking the career of his son, 20-year-old Formula 2 racer Nikita Mazepin.
The report stated that Mazepin had met with Williams' representatives over the Chinese Grand Prix weekend.
However, Uralkali has rubbished the story and denied any talks with Williams.
"The information that appeared in the media is untrue," said the company.
"Uralkali did not hold any negotiations regarding the purchase of the Williams team."
Mazepin - through Uralkali - is still involved in a litigation process with the administrators of Force India.
The Russian oligarch had submitted a bid last summer for the F1 team company whose assets were eventually sold to a consortium of investors led by Lawrence Stroll.
Mazepin claimed at the time that the sale process was "flawed", and subsequently initiated legal proceedings which are still pending.