Through its official Twitter feed, Sega said that the requests were "understandable" but would take a long time due to rights issues.
"Lots of requests for a Moonwalker re-release, which is understandable, I'd imagine such a release wouldn't be possible for a long time though," the firm said.
"Who has say over the MJ image rights and estate for instance? Those things won't be sorted particularly fast you'd've thought."
Sega also agreed with a comment from one its followers suggesting that the re-release would be seen as a cashing in on the tragedy.
"You have to weigh it up, some fans would like it, others would see a cash-in on the unfortunate loss' - Exactly," it said.
Developed and published by Sega, the movie tie-in was released on the Mega Drive, Master System, Game Gear and Arcade in 1990.