The 38-year-old actor's name was attached to the project, which also stars Farhan Akhtar, Kareena Kapoor, Nawazuddin Siddiqui among others.
"So many reports about me doing 'Bombay Samurai'. Not true! Love Dev Benegal's work though. My best wishes to him and all involved," Abhay posted on Twitter.
Abhay was last seen on the big screen in 'One By Two' opposite real-life girlfriend Preeti Desai. The film, which was also produced by Abhay, did not do well at the box office.