A story in the Burnley Express on Tuesday claimed former director and current associate director John Sullivan was in Moscow to conduct negotiations with the support of the Clarets' four-man board.
Sullivan was quoted in the story, saying the departure of former operations director Brendan Flood from Turf Moor in January held up the process and that both Garlick and co-chairman John Banaszkiewicz "will be involved in the negotiations and if and when something happens it will be in the close season".
But, in a club statement released on Tuesday afternoon, Garlick played down such talk.
Additionally, he confirmed Sullivan would be leaving Burnley in May and that Flood was not permitted to be a director at Burnley due to Football League regulations.
Flood cited personal reasons upon leaving earlier this year. When asked to expand upon how Football League regulations related to Flood's involvement with the club by Press Association Sport, Burnley declined to comment further.
In the statement, Garlick said: "Neither myself, co-chairman John Banaszkiewicz, or fellow directors Barry Kilby and Clive Holt have had any scheduled negotiations with Russian investors regarding potential investment in Burnley Football Club.
"Mr John Sullivan is currently an associate director of Burnley Football Club until May 2013, when this role will cease. The football club has not retained John in any capacity to act for the club with regards to securing any new investment.
"The club cannot comment on the involvement of Mr Brendan Flood in any negotiations as he is not permitted to be a director of Burnley Football Club due to Football League regulations.
"In closing, Burnley Football Club is always open for new investment, provided that it meets the vision of the board of directors, is of a `fit and proper' nature, has the club's best interests at heart and can genuinely assist us in achieving our ultimate aim of gaining promotion back to the Premier League."