The 82-year-old German designer, who was allegedly set to leave after spending 30 years at the helm of the designer brand as their creative director, said the speculation was "unsubstantiated" and now believed to hold a lifelong contract with the luxury label.
Speaking to Vogue magazine about the false statement on the creative maestro - who has also led Italian designer company Fendi as well as his own label - a spokesperson said: "The rumours about Mr Lagerfeld discontinuing the collections and the cruise collection show in Cuba being the last are unsubstantiated."
The rumour arose when the New York Post implied that Lagerfeld was tired of being Chanel's front-runner and was ready to step away.
However, the designer is set to go ahead with the pre-Spring/Summer show and showcase the Chanel Resort 2017 collection in Havana, Cuba, on May 3.
