"There is no such move. He remains Chief Minister and he will remain Chief Minister," party spokesperson Sandip Dikshit told reporters here.
Bahuguna met Congress President Sonia Gandhi in the morning triggering speculation about his continuance in the top post.
Bahuguna himself had sought to put a lid on speculation in the media about his being on the way out yesterday, saying "all is well" with him and that he heads a "stable government" in the state.
"There is no truth in this. All the talk about a change of leadership in the state is just media speculation. None of the party top brass including Rahul Gandhi, AICC incharge of Uttarakhand Ambika Soni or party spokesman Janardhan Dwiwedi has even remotely suggested that the chief minister could be changed in the state.
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"Then what is the justification for such a speculation?" he told PTI.
Claiming that Bahuguna is doing well as Chief Minister, he said why would the party choose to destabilise things in the state by replacing him ahead of the Lok Sabha polls.