The Saturday Night Fever actor's legal representative Marty Singer insisted that no financial settlement was attempted.
Singer told TMZ: "Not one penny has been paid nor do we have any intention to pay any money for these ridiculous and false claims."
Singer had originally branded the accusations "ridiculous", threatening to launch a counter-suit against the men.
Both accusers, who were represented by attorney Okorie Okorocha, dropped their lawsuits in quick succession.
Four men in all have accused Travolta of groping them, but the latter two are yet to launch a lawsuit.