The NBA world has been rocked by Sterling's alleged comments, released by TMZ, in which he is heard telling girlfriend V Stiviano that he does not want black people brought to games at Staples Center.
Rumours emerged yesterday that 54-year-old Johnson, who won five titles with LA's other team - the Lakers - in the '80s, was interested in owning the Clippers if Sterling looks to sell the franchise.
However, the Hall of Famer took to Twitter to clarify his position.
"To NBA Fans, I want to put a stop to a rumor. I am not trying to buy the Clippers, they already have an owner," he wrote.
NBA commissioner Adam Silver has called a press conference this evening at 7pm UK time to reveal the findings of their investigation into the Sterling recording.
Johnson already belongs to a group that owns the Los Angeles Dodgers baseball team.
He also tweeted a picture, below, of him meeting former British Prime Minister Tony Blair last night.
Last night at the Milken Conference Reception I got to meet former British PM Tony Blair and Rawanda Pres. Kagame! pic.twitter.com/yBZAnxcLyy— Earvin Magic Johnson (@MagicJohnson) April 29, 2014