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The rumours surfaced after the EU commission president Jose Manuel Barroso claimed that "people who matter in Britain" are thinking about joining the euro.
Mr Barroso's comments come following Lord Mandelson, the business secretary and former EU trade commissioner, restated his support for the euro.
However, Lord Mandelson made it clear that the current economic downturn meant that "immediate discussion of [euro] membership is off the agenda", reports the Guardian.
"I hold to the view that our aim should be to enter the single currency," he commented, adding: "Within it we'll eliminate transaction costs and be part of monetary policy decisions that so affect us."
The 15 EU states that already use the euro include France, Germany, Ireland and Spain.
