"Yahoo Sports claiming Heisman Trust has reached a decision is completely false," Whalen told nationally syndicated radio program "The Dan Patrick Show" on Tuesday. "The Heisman Trophy Trust has made no decision regarding the Reggie Bush matter."
Yahoo! Sports, citing two anonymous sources close to the Heisman Trust, reported earlier in the day that the group's investigation is almost complete and would agree with the NCAA's finding that Bush was ineligible during the 2005 season. The running back then would become the first player in the 75-year history of the award to have it taken away from him.
The 2005 honor will stay vacant after being stripped from Bush, according to Yahoo! Sports.
Bush told new USC athletic director Pat Haden last month he was so sorry about his actions that he would give back the Heisman if he could.
Bush was at the center of an investigation that led to the school receiving NCAA sanctions that banned its football team from bowl games for this and next season and reduced its scholarships by 30. USC also forfeited 14 victories in which Bush played during the 2004 and 2005 seasons, and the school could lose its 2004 BCS national championship. Bush received cash and benefits from a sports marketer while at USC.
The school also removed all references to Bush from its sports complexes and promotional materials.
Bush's Los Angeles-based attorney, Shawn Chapman Holley, didn't immediately respond to a request for comment from The AP. The Saints said that they wouldn't comment on the report.
The Associated Press contributed to this report.