Mike Ashley has not spoken to Patisserie Valerie’s administrators to make a bid for the collapsed cafes chain.
The Sports Direct tycoon had been linked to a takeover of the bust cakes stores chain.
But sources said there has been no contact with KPMG, which is tasked with finding a suitor for its remaining 122 shops.
Patisserie Valerie went into administration last week after a £40 million accounting fraud brought it to its knees. Since then, it has shut 71 outlets and axed 920 jobs.
Ashley bought House of Fraser and Evans Cycles out of administration last year and has tabled a bid for failed music retailer HMV.
Reports had suggested that ex-chairman Luke Johnson, who owned 37% of Patisserie, would use another one of his businesses to bid for the chain but this is not now thought to be the case.
Ashley could not be reached for comment.
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