Ricky Martin & Ian Thorpe Not Dating

Ricky Martin, Ian Thorpe

Hours after word hit the street that Aussie swimming legend Ian Thorpe is in love with singing sensation Ricky Martin - and both were ready to tell the world - mum and manager have both slammed the story as untrue.

"The story of a romance is rubbish," James Erskine, Thorpe's manager told the media following the report. "I think someone is having one on you."

Rumors of a romance first surfaced after entertainment reporter Peter Ford took to Twitter to share the story and congratulate the pair.

According to Ford's Tweets, the former Olympian and Martin are dating - and the pair are set to reveal their romance through a local magazine deal, worth upwards of half a million dollars. Thorpe's manager, as well as sources connected to Martin, both deny this rumour.

Taking to Twitter, "Ian Thorpe ready to share even more private stuff!!.He & bon bon shaking mate agree to huge mag/photo deal," Ford wrote.

He added, "Happy times for Ricky Martin and Ian Thorpe & they're about to tell the world in a mag deal."

Ian Thorpe. Photo: Getty Images

In July, after years of speculation and denials, Ian Thorpe revealed he was gay.

Keep up with your favourite celebrities in the pages of WHO Magazine by subscribing now.

In an exclusive tv interview, the five-time Olympic gold medalist told Michael Parkinson he had been living a lie:

“I am not straight,” said Thorpe. “And this is only something that very recently, we’re talking in the last two weeks, I’ve been comfortable telling the closest people around me, exactly that.”

Thorpe revealed he had denied being gay due to being first asked the question as a 16-year-old. “The problem was I was asked from such a young age,” said Thorpe, 31, “and I didn’t know at this age, I was too young.

"But what happened was the lie had become so big, I didn’t want people to question my integrity.”

More details to come...

PHOTOS: Out and Proud Celebs

PHOTOS: OUT AND PROUD: Gay Celebrities