The businessmen are Martin Gilbert, chief executive of Aberdeen Asset Management, property developer Mark Shaw and Edinburgh financier Ben Thomson.
Informal talks have taken place but a deal is not believed to be imminent as the two groups are reportedly a long way apart on price.
In a statement, Johnston Press said: "Johnston Press notes the press speculation regarding the potential disposal of the Scotsman.
"Whilst company policy is not to comment on such speculation, Johnston Press can confirm that the board does not have any disposal process underway in this regard.
, which owns more than 200 local newspaper titles including the Yorkshire Post, is holding out for about £40m for The Scotsman, according to The Sunday Times.
The company paid £160m in 2005 to buy the 192-year-old title from the Barclay brothers, who own the Daily Telegraph. The Scotsman currently has an average daily circulation of 46,000, according to the latest ABC figures.
Johnston Press has been struggling amid the decline in ad revenues caused by the recession and the growth of online, and needs to restructure a £448m debt burden with its lenders by this Friday. The company is trying to refinance beyond September 2010.
The restructuring follows a deeply discounted rights issue in May 2008 when it was close to breaching debt covenants. Malaysian businessman Usaha Tegas bought a 20% stake in the group at that time.
Johnston Press is due to release its interim figures on Friday.
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