Reports earlier on Friday suggested Mandaric was one of the people interested in buying the Scottish giants.
Mandaric has issued a statement following the reports, saying: “First and foremost, I can categorically deny that there is any substance to these stories and I am disappointed that such articles are printed without any foundation whatsoever.
“I have never had any dialogue or contact to anyone relating to Glasgow Rangers. Glasgow Rangers is a huge football club with a great heritage and history, but I already have that here at Sheffield Wednesday.
“For clarity, I have not instructed any of my associates to register an interest in the administration process at Glasgow Rangers and I have no interest, now or in the future, of becoming involved in the club.”