Last week, a report claimed that the 'Kiss Me Thru the Phone' rapper spent $35m (£21.3m) on the plane itself and an additional $20m (£12.1m) on a series of custom add-ons in honour of his July 28 birthday.
Soulja Boy's spokesperson Greg Miller has now denied the rumours, saying: "The elaborate rumours circulating about Soulja Boy purchasing a jet for his 21st birthday are grossly over exaggerated and are not true."
The musician himself remained coy when questioned about buying his own plane by Miami radio station 99 Jamz on Saturday, simply teasing that he has reached "G5 status".
Soulja Boy - real name DeAndre Cortez Way - recently alleged that a series of racist and homophobic messages were posted on his Facebook account by a hacker.
His 'Who They Want' tour will next stop at the Los Angeles Sports Arena on August 20.
Watch Soulja Boy's 'Kiss Me Thru the Phone' music video below: