The Gladiator star has reportedly been tipped to take on the role in a film based on the memoir Good Times, Bad Times by Sir Harold Evans, the former editor of Britain's Sunday Times newspaper.
The King's Speech actor Colin Firth is said to be interested in playing Evans in the big screen adaptation, which would focus on former British Prime Minister Margaret Thatcher's dealings with Australian-born media tycoon Murdoch.
But Crowe has distanced himself from the project, insisting he knows nothing about the job.
Addressing casting reports in a Twitter.com post on Tuesday, he writes, "I haven't been approached by anyone to play Rupert Murdoch. That's just a beat up [rumor]."