There were reports that the "Aashiqui 2" star has been signed to play the lead in the film directed by Siddharth Anand.
Starring Dutt, the action-thriller is said to revolve around the relationship between an older man and a younger girl.
When asked if she is doing the film opposite Dutt, Shraddha told PTI, "No. It's not true. I mean I would love to work with him in the future but I've not been offered that."
The project is likely to be the first for the 56-year-old actor after his jail term. The film might begin shooting in summer.
Dutt walked out of Pune's Yerawada prison last month after completing his sentence in the 1993 serial bomb blasts case.
Meanwhile, Shraddha is geared up for her next film, "Baaghi-Rebel in Love". Directed by Sabbir Khan, the action-drama also stars Tiger Shroff and is scheduled to release on April 29.