Irvine's Norwich counterpart Bryan Gunn revealed earlier in the week that he was discussing the possibility of Fotheringham moving to Deepdale.
The midfielder was left out of the Canaries' 1-0 win at QPR on Tuesday night as Gunn waited for talks to continue.
However, Irvine said: "There is nothing in it. There is always a lot of speculation at this time of year, but this one certainly isn't true.
"It really came out of nothing. I got a call from Bryan Gunn earlier in the week, but a loan deal is not something I am wanting to do. It is not going to happen."