The Birmingham Mail says it had been reported that Jerome has signed a new £18,000-a-week contract but that's not so.
Negotiations are continuing with the striker and winger Larsson has vowed to make a decision on his long-term future once the summer break has finished.
Co-owner David Sullivan confirmed: "We want to give them new contracts and hopeful agreements will be reached.
"Both of them have big contributions to make for us next season. Cameron Jerome in particular could make a big impact."