"The recent reports regarding One Direction appearing in the Victoria's Secret Fashion Show are untrue," the brand said in a statement. "The band is not performing in this year's show. We will announce our artists in early October."
Harry Styles, Zayn Malik, Louis Tomlinson, Niall Horan and Liam Payne were rumoured to appear on stage next to supermodels such as Alessandra Ambrosio, Adriana Lima and Brits Jourdan Dunn and Cara Delevingne, who has previously dated Harry.
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Justin Bieber, Rihanna and Bruno Mars were the lucky performers who participated in the show last year, which drew an estimated seven million viewers.
The chance to perform next to the world-class beauties would have been the icing on the cake for One Direction, who at the end of last year soared into an under-30s British rich list.
"Their global superstar status will be solidified with this booking," a source previously told The Sun, suggesting the five-strong group were scheduled to perform.
"Bigwigs at the Victoria's Secret and the televisión network CBS, which broadcasts the show, have been having meetings with the band and management.
"It's being said they pretty much have it in the bag as they were sold on their personalities."
Justin Bieber performing at last year's show
The quintet were listed at number five in a British weekly magazine's annual Rich List, with a combined worth of £26.33 million.
And just last week, the group, who are signed with Simon Cowell's record label Syco Records, attended the world premiere of their first film, This is Us.
Dressed in coordinating black, the boys spent time chatting to ecstatic fans, happily posing for photographs and signing autographs as they slowly made their way into the cinema.
Thousands of their supporters had travelled from around the world to be a part of the event, which Niall, 21, described as "the best night of our careers".