Rumours were swirling that the Mean Girls star had signed to appear in the "reimagining" of the 1984 classic, which starred Robert Englund as Freddy Krueger.
Lohan's representative has now denied the claims, telling E!: "It's not true. We don't know where this all came from, but there's nothing there."
Horror movie veterans Brad Fuller and Andrew Form confirmed in December that the New Line remake had been given the green light.
Englund, 62, has ruled out a return to the Krueger role and producers are yet to cast a new Freddy.