The 'Toxic' singer - who experienced a 'meltdown' earlier this year following her divorce - is to debut her comeback single at the awards ceremony and was also rumored to be teaming up with her ex-boyfriend.
But a source close to Timberlake told Us Weekly magazine: "That's totally, patently false."
Britney, 25, reportedly showed off her upcoming awards performance - in which she has collaborated with Las Vegas illusionist Criss Angel - to MTV bosses on August 27.
A source said: "She's planning it to be a big comeback performance and she wants it to be shocking."
Britney is, however, said to have axed plans to sing 'My Prerogative' along with a medley of her greatest hits, as images of ex-lovers Justin Timberlake, 26, and Kevin Federline, 29, and scandalous gossip about her flashed on a screen during her performance.
Meanwhile, singer-songwriter Ne-Yo revealed yesterday (29.08.07) he has written material for Britney's fifth album - rumored to be released next month - but lost touch with her after she went into rehab.
Ne-Yo told KIIS-FM radio host Ryan Seacrest: "Her new music is definitely up-tempo. She's got to remind people why they love her in the first place. She's got to get their minds off her personal life and back on the music.
"I have no idea what's going on with Britney Spears right now. The last thing I heard is she was mad at me over some songs that were supposed to go to her.
"I wrote six to eight songs for Britney Spears, working really closely with her people. Then she goes and shaves her head and goes into rehab - and when that happened I lost all contact with her and the people at her label.
"I think it's possible she can make a comeback. I heard a lot of the music. I definitely think she can do it."
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