Manchester City manager Roberto Mancini has dismissed speculation that striker Carlos Tevez will move to Liverpool in a swap deal for Andy Carroll.
Tevez has not played for City since 21 September following a long-running feud between the 27-year-old and club.
Carroll, 23, has scored only six goals since joining the Reds for £35m in January 2011.
"Carroll is a good player. He is young. He is strong. But at the moment? No. I've never heard this," said Mancini.
"We don't have any chance to talk about this with Liverpool and I never spoke with [City director of football development] Brian Marwood about it."
Liverpool manager Kenny Dalglish has also quashed the rumour, simply stating: "There's nothing happening here."
Italian sides Inter and AC Milan have shown an interest in signing Tevez, although Inter, like French side Paris Saint-Germain, have pulled out of the chase.
City want the Argentine's departure to be confirmed before the end of the transfer window but the club are unwilling to reduce their asking price or let him leave on loan.
Tevez's dispute with City began when he was fined two weeks' wages after Mancini alleged that he refused to come on as a substitute during a Champions League defeat by Bayern Munich in September, although Tevez claimed there had been a misunderstanding.