Earlier some reports alleged that the duo are planning to get married after seeing each other for a couple of years.
But the 37-year-old actress took to micro-blogging site Twitter to clarify the news, saying she is just good friends with 46-year-old Akram.
“Hi guys! Been reading about my upcoming wedding with Wasim… Absolute Rubbish. Goes to show just how irresponsible media can be sometimes.
“Wasim Akram is a friend and will always be one!! He has a wonderful lady in his life… Rumours like these are uncalled for and disrespectful,” Sushmita said.
Akram also denied the rumours saying he wants to devote himself to his children and is not planning to get married anytime soon.
“I am really fed up with these rumors and speculations made in the media. I decided to take a year off from the Indian Premier League because I wanted to give time to my two sons who are growing up and need their father close to them.
“Right now my entire focus is on spending quality time with them. There is no plan in my life now to get married,” Wasim a widower, whose wife Huma died in October, 2009 told PTI.
“I want to devote my life to my sons. I think the media and people should not only respect my privacy but also that of Sushmita who is a very graceful and decent lady and a fine human being,” he added.
Sushmita and Akram met on the sets of Indian television show ‘Aik Khiladi Aik Haseena’ in 2008.
The former Miss Universe, who is a single parent to two adopted daughters Renee and Alisah, also said she will disclose when she gets married.
“My beautiful people… when I find ‘The One’… You’ll be the first to know. Benefits of being my twitter family!!”.