According to a report in The New York Times, Mexican financier David Martinez paid a staggering $140m for the painting, titled No. 5, 1948, in a private sale in November 2006.
The sale was reportedly brokered by Sotheby’s auctioneer Tobias Meyer, however, law firm Shearman & Sterling issued a press release on behalf of Mr Martinez, stating that its client does not own the painting or any rights to acquire it.
US media mogul David Geffen, 64, was the previous owner of the drip-and-pour painting.
Pollock was born in Wyoming in 1912, and died in a car crash in 1956 at the age of 44.