There had been rumours that the Men In Black 3 actor would take the Hoff's part of lead lifeguard Mitch Buchannon in Paramount's big-screen adaptation, reported The Wrap.
But the 34-year-old's spokesperson Matt Labov denied that Bill had signed on for the part.
Reno 911! co-creator Robert Ben Garant is set to direct the Baywatch film, which will "follow lifeguards exploring an oil rig of the Malibu coast that turns out to be a meth lab."
"They're so excited they made us shoot a trailer and the script isn't even done," the filmmaker added.
Both the Hoff and Pamela Anderson, who co-starred in the TV series, are expected to make cameos in the upcoming movie.