Sybil Danning, who was once christened the ‘Sex Symbol of the Year’, and her husband Horst Lasse want to takeover the League One side.
The multi-millionaires, who are shareholders in a German ice hockey team, have opened talks with the Wednesday owner.
However, Mandaric said in his statement: "I am aware of the story published today and as a result feel it is appropriate to address this situation with our supporters.
"I have always been honest and transparent and I can say I have never met or spoken to the people named in this article. I was as surprised as everybody else to see the story but I cannot control what is written or said in the media.
"What I am never surprised about is the fact that a fantastic club such as ours attracts media attention such as this. We are heading in the right direction on the pitch as our improved position in the league indicates and off the field, we have a strong, football-based infrastructure and organisation, make no mistake about that.
"The progress we have made in such a short space of time has taken a lot of hard work and is there for everyone to see.
"Of course, I am flattered, because this is not the first story of its kind and I am sure it will not be the last.
"Let me tell you that I am 100 per cent committed to Sheffield Wednesday but if the right person or persons come along who can take this club further forward, I would stand aside."