The former Thai Prime Minister, who has been living in exile since being found guilty of corruption in 2008, was linked with a move for the Premier League outfit earlier this week when Miti Tiyapairat, ex-president of Thai club Chiangrai United, claimed to be in talks with Palace.
"Currently, there are negotiations about price, management, and some other details, which should be ironed out soon. The deal is about £150 million," Tiyapairat told the One31 TV network.
When asked about Shinawatra's potential involvement, Tiyapairat added: "I am up for the task. They [Palace] are in another class, another standard, but it would still be a pleasure for me, and for Thais, to own a world-class football club."
However, the Standard's report says Palace have received no contact from Shinawatra, who sold Premier League champions City to investors from Abu Dhabi United Group in 2008 for a reported UK£200 million.
Despite denying talks with Shinawatra, the Standard added that Palace co-owner and chairman Steve Parish is open to new outside investment in the South London club.