Bhatia is reported to be financing development firm Renewal, the company masterminding the club's regeneration project, and was linked with a takeover bid for the Lions last year.
The Guardian claimed the Delhi-born investment banker had undertaken significant 'preliminary work' with a view to making a formal approach, but nothing materialised.
Renewal have since secured outline planning approval for their 30-acre redevelopment scheme, and last week the South London Press reported that Millwall chairman John Berylson had rejected a multi-million pound offer for the club from a mystery foreign bidder.
However, a source close to Bhatia has told NewsAtDen the 43-year-old had no involvement.
Bhatia is married to the daughter of Lakshmi Mittal, currently a co-owner of QPR, who has an estimated personal wealth of over £13billion.
Mittal, who this week dropped outside the top ten in the Forbes Rich List for the first time since 2004, has extensive connections in Dubai and across the Middle East, where the bid is reported to have originated, through his global steel empire.
Bhatia has since taken to Twitter to confirm he was not behind the bid for the club: "For those asking, there's no truth in story linking me to a bid for Millwall," he said.