The Times reported that Ambani, the world's seventh-richest man, was one of two tycoons from the subcontinent who were interested in buying a stake at Anfield.
Related ArticlesGerrard's pride at Liverpool revivalDon't believe the hypeEverton cast once more in red shadowLiverpool 1 Everton 0Moyes warning for LiverpoolMoyes shows signs of a top-class managerAccording to the report, Ambani's Reliance Industries and Sahara Group chairman Subrata Roy had each tendered similar bids to pay off Liverpool's £237 million debts in return for a 51 per cent stake in the club.
"There is no truth to the report. We deny it completely," Reliance spokeswoman Sudeep Purkayastha said.
Ambani is worth $19.5 billion from his investment in Reliance Industries, a petrochemicals giant, according to Forbes business magazine.
In 2008, Ambani created the Mumbai Indians, one of the eight teams in cricket's Indian Premier League.
Roy's interest in Liverpool, however, appears "more serious". His Sahara conglomerate said it could neither confirm nor deny that a bid was in the offing.
"We are presently not in a position to comment," Sahara spokesman Abhijit Sarkar said.
Sahara has been linked with ownership of one of the next IPL franchises, possibly to be based in the northern Indian city of Lucknow, where the group is headquartered.
Pressure has been mounting on Liverpool's feuding owners, US businessmen Tom Hicks and George Gillett Jr, to cut a deal to sell the Anfield club.