The Sun on Sunday newspaper reported that the England forward had signed a new four-and-a-half year deal worth a staggering £300,000 a week.
However, the club have stressed Rooney is yet to sign a new deal, reportedly worth £70million until the summer of 2018.
“There is no deal, which is why we haven’t announced it,” a United spokesman said.
Negotiations over a deal to keep Rooney at Old Trafford have been taking place for some time, and are believed to be ongoing.
The 28-year-old has been linked with a move away from United since the end of last season, when former manager Sir Alex Ferguson claimed he had handed in a transfer request.
He was heavily linked with a switch to Chelsea during the summer, and United’s struggles in the Premier League this season have seen his future questioned once again.
Journalist Charlie Wyatt – who wrote the Sun’s Rooney story – explained it further during an appearance on Sky Sports Sunday Supplement.
“We are saying that he has not just agreed, but he has actually signed,” Wyett told the programme. “Obviously that has yet to be announced for Manchester United.
“I think he realises it is the best place for him still. I know others thought he might go to Chelsea or elsewhere, but I think (David) Moyes has had a series of meetings with him and convinced him to stay.
“I think Rooney will be the next captain of Manchester United and I think that it is a boost for Moyes. He is obviously going through a difficult spell.”