In a written statement, the ministry said some media had reported the false information that Georgian Olympic champions will get $1.2 million.
The statement confirmed there will be financial rewards for Georgian Olympic winners, but said the amount will depend on each individual achievement.
No further details about the Georgian Olympic prize fund were given.
Georgian media reported earlier that President Mikheil Saakashvili had promised Georgian Olympians "the biggest-in-the-world" prizes for gold medals at the London 2012 games.
Saakashvili met with Georgian Olympians at his residence this week.