The Spider-Man star had been linked to the role of Bilbo Baggins in the fantasy film. However, the actor refuted the rumours in an interview with The Hollywood Reporter.
"I have not met with del Toro. We don't have any near future plans," Maguire commented. "I don't know if something got misconstrued or miscommunicated but the source was not accurate at all."
Maguire refused to rule himself out of playing the lead role in The Hobbit, citing his admiration for the creative team involved.
"I love Guillermo del Toro and Peter Jackson, and I certainly wouldn't take myself out of the conversation... if I was part of it," he added. "But I haven't read a script or talked to anybody about it."