Reports on Tuesday suggested the Turkey international had been served with a two months and 15 days suspended prison sentence over an alleged slur he used against Ivory Coast's Didier Zokora.
The incident under investigation occurred during an April 2012 clash with Trabzonspor but, in a statement published on Fenerbahce's website, Cansu Sahin denied claims Emre's punishment had been decided.
"Trabzonspor's legal movement on our captain Emre Belozoglu and their claim about him making a racist call against their ex-player Didier Zokora has finished," he said. "The judicial process is finished and the decision has been made, but judgement is yet to be announced.
"Any other news suggesting he's been punished and will be sent to prison are false."
Sahin also vowed to keep an eye on whether subsequent cases were dealt with in a similar fashion.
