Speculation in Friday's tabloids had claimed the Premier League champions were lining up a £10million January swoop for Lampard to boost their midfield options.
United chief executive David Gill was reported to have sounded out Chelsea about a possible deal and there were also claims that Lampard was open to the idea of a move to Old Trafford.
Lampard has been in and out of the Chelsea side this season and there have been rumours of a strained relationship with manager Andre Villas-Boas.
The England international, who has 18 months left on his contract at Stamford Bridge, has recently stressed his commitment to the Blues amid reports of a possible exit.
However, Ferguson has ruled out a move to bring in the 33-year-old to boost a United midfield which has been depleted by injuries this season.
"Do you really think Chelsea would sell to United in January?" said Ferguson. "There's no foundation in that.
"Chelsea want to do something in the second half of the season so they want to keep their best players."
Ferguson also reiterated that he is not currently planning to add to his squad in January as he does not believe he will be able to land the players he wants.
He added: "What can you get in January? I've said this many times now. The players we'd like we can't get.
"If the alternative is to sign a second-rate player, we don't want to do that.
"Our injuries have led to fans wanting us to sign someone, but I don't want to sign a player who won't get a game when everyone's fit because he's not good enough."