Despite being mentioned at gamescom last year and teased at last month's Capcom 3DS roundtable in Amsterdam, Ono has confirmed that there are no plans for the project.
"I mentioned [that Nintendo Vs Capcom] was an interesting idea - that somehow transmogrified on the internet into me saying I was going to do it! I have no plans to do it," he told IGN.
"I certainly don't think anything is impossible, though not terribly likely is probably a way to phrase it."
Ono also said that the idea had actually put him in trouble with Nintendo president Satoru Iwata, yet he still hopes that it will lead to something.
"I had to go to Nintendo president Iwata-san and actually apologise that I let things get out of hand," he said.
"But maybe this whole conversation could be the start of something like that… or maybe it ends with me in the dog house with Iwata-san."
He added: "Time will tell where [this is] going to go."
Capcom will release Super Street Fighter IV 3D Edition on Nintendo 3DS by June.