In a tweet late Friday afternoon, Trump claimed he rebuffed the request after being told he "probably" would receive the magazine's top honors. He was the magazine's "Person of the Year" last year.
But Time magazine took issue with Trump's claim, tweeting less than three hours later, "The President is incorrect about how we choose Person of the Year. TIME does not comment on our choice until publication, which is December 6.
At a rally in Orlando last December, the then-president-elect mocked the magazine for anointing him "Person of the Year" and not "Man of the Year" -- an example of political correctness, he claimed.
"You know, look, they have to be politically correct," he said. "Should we speak to the people at Time Magazine and say we want it again next year, but we want maybe 'Man of the Year' next year, OK?”