A ten-part series based on Friedkin's 1973 film was widely reported to be in development last month, with Martha Marcy May Marlene director Sean Durkin at the helm.
But Friedkin told Digital Spy unequivocally that no such series is planned, nor even a possibility.
"It's not happening," he said. "It's a load of b*llocks.
"There's no television series of The Exorcist planned. It would be ludicrous. An exorcist a week?"
Friedkin went on to suggest that it would be difficult to sustain a long-running television show based around exorcisms without resorting to "a bunch of lies", given how few exorcisms have been recorded by the Catholic church. His film was based on a real case in 1940s Maryland.
The Exorcist author William Peter Blatty has also denied the reports, stating that it would be impossible to film a remake given that he still owns the rights to the story.
Watch the trailer for The Exorcist below: