Vodafone chairman, Sir John Bond revealed at the company's 25th annual general meeting that "there is no sale process for T-Mobile".
However, he also added that "consolidation would be quite a good thing" as there are too many networks and too few customers in the UK.
O2 is the UK's biggest mobile network with a 27 percent share of the market, while Vodafone is in second place with 25 percent. However, a tie-up with T-Mobile would ensure Vodafone's market share rises to 40 percent. O2 is also thought to be considering a merger with T-Mobile.
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See also: Free Facebook surfing for Vodafone users