Deputy team principal Claire Williams said the team was happy with its Mercedes power units and there had been no talks with Honda.
"We had a fantastic relationship with them back in the 1980s, but I can categorically say that we have not talked to Honda," she told TalkSPORT2 radio in a show to be broadcast on Thursday.
"We are not here ready with a press release saying we are joining forces with them in 2018. We haven't talked to them," she added.
"We all know that Honda do put a huge amount of money at McLaren but when I weigh up the pros and cons, would I rather have the budget we have and be the fourth quickest car or have a huge amount of money and finish P9 (ninth) again?"
Williams finished fifth overall last year, down from third in 2015. They are currently sixth.
McLaren, the sport's second most successful team in terms of race wins, are currently last in the championship and the only ones yet to score in 2017.
Honda have already announced they will supply the Sauber team with engines next year but Swiss tabloid Blick, citing rumours from England, suggested Williams could become the Japanese manufacturer's main factory focus.
Williams and Brazilian Nelson Piquet won the 1987 world championship with Honda engines.
(Reporting by Alan Baldwin, editing by Toby Davis)
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