Sep 26, 2007 8:24 AM EST

Cubs President John McDonough shot down the latest rumor out of New York that Alex Rodriguez already was planning to exercise his escape clause and sign a 10-year, $300 million deal with the Cubs that included a future ownership stake.

"Outrageous, and obviously not true," McDonough said.

The story said Rodriguez's agent, Scott Boras, was negotiating with the next owner of the Cubs.

Via Chicago Tribune