Former England defender Campbell has been linked with a free transfer to Old Trafford next month as the defensive problems pile up at the Premier League champions due to injuries.
Campbell is available to join another club after resolving his registration dispute with Notts County, the League Two club he walked out on shortly after the season started.
"I don't know where that has come from, but it's all wrong," said Ferguson.
"Sol has had a great career, but he's not the sort of player we are thinking about bringing to Manchester United. That deal is of no interest to us."
United, who host Aston Villa on Saturday, have been hit by injuries to a host of defenders including Jonny Evans, John O'Shea and Rio Ferdinand.
Despite having funds at his disposal, Ferguson said he had no plans to go on a spending spree when the transfer window re-opens.
"I know we are having a hard time at the moment with defensive injuries but I'm sure by January we will be okay because those injured players will be back," he said.
"The money is there if we want to use it. It was there in the summer, but I didn't see any value in anyone so that's why I didn't use it. It will be the same in January."
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