The singer, who is currently touring Europe, admitted that he is close friends with the group, but rubbished reports he is replacing Scott Weiland.
"I know and love the Velvet Revolver guys but there is no truth to the story about me joining their band," he said in a statement.
Other musicians linked to the band include Spacehog's Royston Langdon and Skid Row's Sebastian Bach. Both musicians have denied they will be joining.
The group have also played down speculation that they may use a reality TV show to find a new frontman.
Kravitz performs on the Main Stage at this weekend's V Festival.