The Daily Mail national newspaper claimed that Phil Brown had accepted £800,000 to terminate his contract a year early.
However, the club say this is just speculation, according to the Hull Daily Mail. They go on to say that Brown's severance remains a formality and may be concluded within a week.
Meanwhile, City have added a trip to Winterton Rangers to the pre-season line-up on 12th July, the day after the World Cup Final, and confirmed the friendly at York already announced by the Minstermen.