The Brit topped a Twitter poll launched by Pacquiao last month to determine his next opponent, taking 48% of the near-45,000 votes.
It was then confirmed by the Filipino a fortnight ago that negotiations over a so-called "super fight" on April 23 had been reached, with the United Arab Emirates the likely location to host the fight.
Aram has backtracked on these claims, however, telling ESPN: "It's kaddish for the UAE deal. It's dead. I'm talking about another proposal for another fight, not Khan. Khan won't be Manny's next opponent."
Pacquiao beat Jessie Vargas in Las Vegas last November to claim the WBO title, taking his career tally to 59 wins in 67 bouts.