"We think Montoya is a good driver," the Ferrari website quoted team boss Jean Todt as saying. "His first year in Formula One, at the wheel of a competitive Williams car was a positive one. However, Ferrari has never had any contact with him, either directly or indirectly.

"We do not wish to give any credence to those who might have an interest in promoting these rumors."

BBC Online reported Monday that a source close to Williams, who have an option on Montoya for 2003, had said Ferrari wanted Montoya next season as long-term replacement for four-time world champion Schumacher.

Montoya's manager later brushed off the report.

"It's nice to know that other teams are interested but he is under contract to Williams," Julian Jakobi told Reuters.

Williams would not comment on a contractual matter, while a source close to the team suggested the report might have more to do with Montoya's own salary negotiations with his current employers.

The Colombian, seen as a champion of the future, is believed to be paid far less at present than German teammate Ralf Schumacher, who is under contract to 2004.

Michael Schumacher also has a contract to the end of 2004, while his current teammate, Brazilian Rubens Barrichello, is signed up only until the end of 2002.

Montoya made a big impression in his debut season with Williams, winning the Italian Grand Prix at Monza in September and pulling off the overtaking move of the year in Brazil against Schumacher.