The Dubai-based channel quoted security sources as saying that US forces killed Masri and three other militants in a raid in Haditha, near the capital Baghdad.
Spokesmen for US-led forces in Iraq and for the Iraqi defence ministry both denied the reports.
However an Iraqi government official had said on Sunday that Masri's "days are numbered" after showing the first video images of the wanted man, who replaced the slain former leader Abu Musab al-Zarqawi.
"I can say we are very close to Abu Ayyub al-Masri and we say to him your days are numbered," Iraqi National Security Advisor Muwaffaq al-Rubaie said.
"Either your dead body or manacled hands will be brought before justice."
Masri's identity was first revealed by the US military in July, after the June killing of his predecessor and Al-Qaeda in Iraq founder Zarqawi, a Jordanian-born Sunni Muslim extremist.
He was described as an Egyptian emigre with an extensive knowledge of explosives. The footage showed a bespectacled man with an Egyptian accent explaining how to a rig a car with bombs.