Variety.com reported yesterday that the San Francisco-based website had partnered with Reveille Productions and Brillstein Entertainment to develop an unscripted TV series that puts "ordinary people on the trail of celebrities in a revolutionary competitive format".
Stone responded to the article on his blog yesterday: "There is no official Twitter TV show -- although if there were it would be fun to cast.
"In dealing with networks and production companies we sometimes have simple agreements.
"Regarding the Reveille and Brillstein project reported today, we have a lightweight, non-exclusive, agreement with the producers which helps them move forward more freely."
The series concept was created by novelist Amy Ephron.
Jon Liebman, chief executive of Brillstein, said: "We've found a compelling way to bring the immediacy of Twitter to life on TV."
Reveille is the production company behind the US version of 'The Office', and Brillstein produced 'The Sopranos'.