In an interview with Shortlist, the actor was quoted as saying that he was "a bit cynical" about the US series and apparently questioned the motives behind casting his Frankenstein co-star Jonny Lee Miller.
However, Cumberbatch later told The Hollywood Reporter that he was "bemused and upset" by the Shortlist "misquote".
"It is baffling because I have only been supportive of an incredibly talented actor who I am proud to call a friend taking a job I know he is going to enjoy immensely and be wonderful in," he said.
"I never said that Jonny took the job for the paycheck nor did I ask him not to do it. What I said is, I would have preferred not to be in the situation where we will again be compared because we are friends. I know for a fact his motivations were to do with the quality of the script and the challenges of this exceptional role."
Cumberbatch went on to argue that it would be "ludicrous" to suggest that "there can be only one Holmes" on television.
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"Over 70 actors have played this exceptional character before us," he said. "We're both thrilled to get the opportunity to play him in a modern context.
"The world of Sherlock Holmes and the world that we live in now is big enough to take more than one interpretation. As a genuine Sherlock Holmes fan I am greatly looking forward to [Elementary]."
Elementary will premiere on CBS on September 27, 2012, and will air on Sky Living in the UK at a later date.
Watch a promo for Elementary below: