Alex Rodriguez is not in the hunt for Sports Illustrated after all, said a source, shooting down a rumor that had circulated in recent days, but Rodriguez might be looking for a deal that could also involve gal pal Jennifer Lopez.

The ex-Yankee slugger was in Los Angeles this week and sources said he is indeed looking at investing in something — just not SI. “It may have crossed his desk at some point,” said a source close to A-Rod, “but he’s not negotiating for it.”

“He’s looking at things they might be able to do together,” said the source, referring to Lopez.

Current SI owner Meredith, which picked up the magazine as part of its $2.8 billion acquisition of Time Inc., is finding it’s not easy to sell off SI and the other three titles in the deal: Time, Fortune and Money.