The 'Come Into My World' singer was tipped to perform with the icon on an ITV special celebrating her 25th year in music.
However, when a Twitter follower approached Minogue for comment, the 43-year-old replied: "it's just a rumour, but of course it would be amazing!! maybe one day :)."
Other rumoured duet partners for the event include Kylie's sister Dannii Minogue, her former Neighbours co-star Jason Donovan and Nick Cave.
Minogue has confirmed plans to release a Greatest Hits album and teased plans to embark on an "anti-tour" of small venues.
Minogue's track 'Can't Get You Out Of My Head' was this week named as the most-played song of the decade.
> Kylie Minogue "proud" to be in ARIA Hall of Fame
Watch Kylie Minogue in the video for 'Can't Get You Out Of My Head' below: