Sydney's Daily Telegraph suggested the proposed match could generate $50 million, with each team to supposedly receive $10 million or almost $600,000 per player.
The Telegraph claimed the All Blacks and Australian Rugby League both showed interest in the concept - suggesting the match could take place "two to four weeks" after the 2019 Rugby World Cup in Japan.
Hybrid Rugby chairman Phil Franks reportedly met with NZR chief strategy and operations officer, Nigel Cass, in Wellington to discuss the proposal. Franks and Hybrid director and former player Mark Ella also planned to visit Japan next month to try and secure further funding for the match.
"I had a formal discussion with the New Zealand Rugby Union and they were really interested," Franks told the Telegraph.
"They stipulated they wanted to see an elite-class game. They are the first to give us a window and a time as to when they want to do it. That window was two weeks to a month after the 2019 World Cup final in Tokyo [on November 2].
"We are absolutely confident we can put it together. This game will be worth $50m. It will be just as big as the final of the World Cup.
"There hasn't been any formal agreement at this stage but you know and I know it's going to happen."
But, on this occasion, it seems Franks was rather overexcited.
In a statement issued last night, NZR chief executive Steve Tew immediately put a line through the proposed match.
"We get asked to consider a large number of proposals regularly, and in this case, we were approached over a year ago about the possibility of a hybrid game," Tew said. "Other than that initial conversation, there have been no other discussions and this is definitely not something we are pursuing."
Tew told Fairfax that he'd lace his own boots for the price that was reported in the Telegraph.
"It is very, very unlikely we would contemplate playing a hybrid game in any circumstances in the current environment. But for $50 million, I'd play," Tew said.
All Blacks coach Steve Hansen, speaking ahead of the test against France in Paris, was similarly dismissive.
"$50 million? Yeah, I chuckle at a lot of the media reports I read," Hansen said. "I haven't heard anything about it."