Starbucks is putting an end to speculation that it could acquire burrito chain Chipotle Mexican Grill.

A Starbucks spokesperson confirmed to FOX Business on Monday that the coffee giant is not buying Chipotle following a report that it had explored a potential deal.

"Our team is laser focused on executing our Back to Starbucks strategy. We have strong momentum and confidence in our long-term growth potential," the company reiterated. "We look forward to sharing our Q4 results, including FY27 guidance, later this month."

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Talk of a possible deal began last week after the Financial Times reported that Starbucks had recently explored a potential bid for Chipotle with advisers.

The report cited people familiar with the matter.

"Starbucks has explored a takeover of Chipotle Mexican Grill, in an ambitious gambit to unite two of America’s best-known brands in a deal that would rank as the biggest-ever tie-up in the restaurant sector," the outlet reported.

Such a deal would have reunited Starbucks CEO Brian Niccol back at the center of the company he previously led.

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Niccol spent six years as Chipotle's CEO before leaving in 2024 to take the top job at Starbucks.

During his tenure, Chipotle expanded its digital business and posted strong growth as it moved beyond earlier food-safety challenges, according to Reuters.

Chipotle shares jumped more than 7% following the initial report, while Starbucks shares fell about 3%, Reuters reported.

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Those moves reversed Monday after Starbucks shut down the takeover speculation. Chipotle shares fell about 4% in afternoon trading, while Starbucks rose roughly 1.5%.

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A combination of the two chains would have created a restaurant giant with roughly $50 billion in annual sales. Chipotle has a market capitalization of about $40 billion, according to Reuters.

Chipotle could not immediately be reached by FOX Business for comment.

Reuters contributed to this report.