The magazine hasn’t published the shots saying its source refused to provide them for publication.
Most look like those taken at presidential receptions, it said.
The White House was quick to distance the US leader from the once-powerful lobbyist, saying the President meets with thousands of people at such receptions and often does not know the person he is being photographed with.
"The president does not know him, nor does the President recall ever meeting him," White House spokesman Scott McClellan said of Abramoff.
Time has reported that the White House was sweeping its records to see if any photographs of the two existed.
It’s in a bid to overcome any possible effort to implicate the President in one of the biggest corruption scandals to hit Washington in decades.
Corruption investigation
Abramoff pleaded guilty to fraud charges on January 3, in exchange for his help in an investigation to weed out corruption in Washington’s lucrative lobbying industry.
Prosecutors are investigating whether members of Congress gave Abramoff and his clients favourable treatment in return for campaign contributions or gifts.
Abramoff's agreement to cooperate with federal investigators has many in people on Capitol Hill nervous, especially Republicans.
A number of Republican congressmen are believed to be implicated by Abramoff’s testimony and that of his aides.
Republican Representative Bob Ney of Ohio is under investigation in the scandal but has denied wrongdoing.
Representative Tom DeLay, a Texas Republican who stepped down as majority leader, has been under a cloud due to his association with Abramoff.
In 2004, Abramoff was honored as a major fund-raiser for Bush's re-election campaign.
The Republican National Committee has said the President’s re-election campaign was giving to charity $6,000 in contributions linked to Abramoff.
The pictures
One picture shows President Bush together with Abramoff and a Texas Kickapoo Indian tribe leader, Raul Garza.
It’s significant because Abramoff's use of Indian tribe money to gain favor with Republican politicians lies at the center of the lobbying scandal.
Time magazine says three other photos show Mr Bush with Abramoff and one of his sons.