Earlier this week, it was reported that Lautner and Van Sant were planning to develop a film based on an article from The New Yorker magazine.
However, Lautner has now insisted there are currently no firm plans for him to work with the Milk director.
"It's very premature," Lautner said this weekend, reports E! Online. "He is a very talented director who I've always looked up to and I've always wanted to work with."
Rumours circulated that Milk screenwriter Dustin Lance Black was also on board to pen the film's script, but he too has denied any involvement with the project.
"Taylor is a friend and obviously I know Gus, but I'm not doing that," Black revealed.
Lautner will next be seen opposite Robert Pattinson and Kristen Stewart in the fourth Twilight film later this month.
> GQ Australia apologises for Taylor Lautner gay question
Watch Taylor Lautner in the trailer for The Twilight Saga: Breaking Dawn - Part 1 below: