It was reported Roma would be taking Totti to court after accusations made during his farewell media conference.
But Pallotta tweeted: “Not a chance. 100% false.
“In the history of our ownership, that possibly takes the gold medal for the dumbest comment I've read."
Roma vice-president Mauro Baldissoni also said earlier in the day, “On Totti possibly returning under new owners, the President Pallotta has made it clear on several occasions that Roma aren't for sale, and it's good that the markets know this.
“Francesco's Press conference yesterday leaves us with so much sorrow and bitterness because when it's not possible for Roma to keep a great asset of theirs, it's clearly a defeat for all of us."