Toshiba Corp <6502.T> on Monday denied a newspaper report it was set to propose an equity tie-up with scandal-hit Olympus Corp <7733.T>.

There is no truth to this, a Toshiba spokesman told Reuters, after the Nikkan Kogyo said the company was expected to submit a business plan to Olympus's financial advisers.

(Reporting by Isabel Reynolds; Editing by Chris Gallagher)