Fans' online forums have brought the topic to light over the last two weeks, but Chorlton has stressed no such talks are taking place.
Furthermore, he reiterated that the Devon club, which currently sits in the npower League One relegation places, is not for sale.
Chorlton told the Western Morning News: "I know nothing about any takeover. Football is great for rumours, but the football club is owned by the Supporters' Trust and it is not for sale. There has been no approach by anybody or anything and, if there was, the answer would be: 'We're not for sale'.
"I don't know where the rumours have come from. People have put two and two together and come up with five, but there is no truth in that at all.
"We are owned by the Supporters' Trust and they want to own the club. It is not like a privately owned club, where the chairman might think 'perhaps I will sell up and go somewhere else'. That's not the nature of football."