"It's total nonsense," the source close to the company said.
The Sunday Times had said without citing sources that Polyus Gold had approached Anglo American about its stake in Anglo Gold Ashanti worth 2.25 billion pounds.
The newspaper said one option under consideration is for Anglo American, owner of 41 percent of Anglo Gold and the world's third largest miner, to take a minority stake in an enlarged company
Polyus Gold declined to comment.
No one at Anglo American could immediately be reached for comment. The company is due to report its annual results on Wednesday.
