It was recently rumoured that the former Two and a Half Men actor was on the verge of a £6 million ($9.9 million) deal to star on the UK reality series.
However, a spokesperson for Sheen has denied the reports, claiming that they are completely fabricated.
"[They are] totally untrue," the actor's rep Larry Solters told E! News.
Aaron Carter, Sarah Ferguson, Snoop Dogg and BBC Radio 1's Tim Westwood have all been rumoured as contestants.
Celebrity Big Brother will reportedly begin in mid-August.
> Charlie Sheen: The greatest Big Brother contestant ever?
Watch the latest Big Brother trailer - featuring past housemates - below: