"We have had no approach from London Wasps regarding Cardiff Blues Director of Rugby David Young," read a release from the Blues.
"David Young is still in contract at the Blues and has one year to run on that contract, which we expect him to honour."
Wasps have been searching for a successor to Tony Hanks ever since the New Zealander left his post by mutual agreement back in February, with interim boss Leo Holden also departing to head to Japan next season.
Young, who was previously linked with a move to the English Premiership with Leicester Tigers prior to the 2008/09 season, has been in charge of the Welsh capital outfit since a year before the inception of regional rugby in Wales in 2003.
Newspaper reports suggest Wasps hope Young will sign a three-year contract early next week.
The 2004 and 2007 Heineken Cup winners are thought to have considered the likes of ex Gloucester boss Dean Ryan, former Leeds supremo Neil Back and former players Alex King and Phil Greening before apparently deciding to focus their efforts on appointing the 1989, 1997 and 2001 Lion.