Reports have suggested that Mercedes is offering the new six-time world champion about $50 million a year for 2021 and 2022, with Hamilton firing back with a $66m counter-offer.
The 35-year-old denies it.
"Toto (Wolff) and I have not even spoken about the contract yet," Hamilton said on social media.
"Nothing is being negotiated currently, papers are making up stories."
But speculation the Mercedes works team could be sold and rebranded as Aston Martin for 2021 could be a complication that re-fires rumours of a switch to Ferrari for Hamilton.
Red Bull's Dr Helmut Marko this week suggested that only Ferrari would be willing to pay Hamilton what he is reportedly demanding.
"I believe that no team, not even Mercedes, will be willing to spend such sums on a driver. Maybe Ferrari," he told Auto Bild.
Speaking to the Italian magazine Autosprint, Ferrari's sporting boss Laurent Mekies puts Hamilton in the same category as Verstappen and Leclerc.
"They are all exceptional talents, that is clear," he said.
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