Yet, despite the denial, fresh reports suggest that not only is a deal happening, it could be completed as soon as next week.
That is according to Autosport, who also claim that the investment in the team could be much larger than originally anticipated.
Their report reveals that with Volkswagen AG - who own the Audi brand - in the 'throes of an economic crisis', insiders in Germany are stating that it is difficult to justify the expenditure of their F1 project.
Auto Motor und Sport have claimed that Qatar's sovereign wealth fund are keen on taking on a minority stake in Audi, with the state already owning shares in Volkswagen and Porsche.
Their report claims that the fresh investment could be used to expand its current base at Hinwil, improving the team's infrastructure and increasing its personnel.
The potential sponsorship opportunities associated with Qatar Airways are also discussed, with the airline already a prominent sponsor in F1.