Telefonica has ruled out becoming McLaren's title sponsor.
The famous British team raced throughout 2014 without a title backer, following the withdrawal of Vodafone.
But the return to Woking of Fernando Alonso, to spearhead the team's new works Honda era, fired rumours the Spanish telecommunications brands Movistar or Telefonica could headline at McLaren in 2015.
A Telefonica spokesman is quoted by El Mundo Deportivo: "Telefonica will not sponsor a F1 team."
The spokesman said the mobile network operator, having backed Alonso's second world championship at Renault in 2006, is now happy "with our current sponsorship portfolio".