McLaren Technology Group has vehemently denied rumors that it is the acquisition target of Apple following a report Wednesday morning that suggested it could fit into the iPhone maker's plans for a car.

The British company, which makes race cars, sells sports cars and has a tech consultancy wing, said "We can confirm that McLaren is not in discussion with Apple in respect of any potential investment."

The now-debunked rumor was reported by the Financial Times, which said said Apple had approached McLaren about a potential acquisition.

Over the past couple of years, there have been various reports that Apple has been working on a car product to compete with the likes of fellow Silicon Valley rivals Tesla and Google as well as the traditional automotive industry.

McLaren, meanwhile, has emerged as one of the luxury sports brands of choice among the tech industry's wealthy elites. The company has sought out these individuals through product placements in shows such as "Silicon Valley" and by giving test rides to tech reporters, including this one.

Meanwhile, The New York Times reports Apple is in talks to buy Lit Motors, a startup that makes a self-balancing electric motorcycle. Apple has already hired a number of Lit's engineers.