Sheffield Wednesday chairman Milan Mandaric has told Radio Sheffield there is no truth in rumours claiming manager Gary Megson has left the club.
The Owls slipped to a third successive league defeat at the weekend leading to speculation in the media and on Twitter on Monday that Megson had left.
But Mandaric told BBC Radio Sheffield: "These rumours are not true.
"Gary is still our manager and we are now preparing for a big game [against Sheffield United] on Sunday."
The Owls, who lost 1-0 at relegation threatened Chesterfield on Saturday,are third in League One, five points behind city rivals United having played two more games.
Former West Brom, Leicester and Bolton boss Megson was appointed Wednesday boss last February, replacing Alan Irvine.
Megson made 286 appearances as a player in two spells with the South Yorkshire club, and was appointed Leicester boss by Mandaric in September 2007 before leaving for Bolton six weeks later