The Whites are known to be keen on the 24-year-old winger, who suffered relegation out of the Championship with the Posh last season.
Rowe is believed to be keen on stepping back up into the second tier, with Reading and Millwall also reported to have expressed an interest in his services.
Leeds are understood to be his preferred choice, as a switch to Elland Road would allow him to move closer to his Manchester roots.
Peterborough, though, are adamant that no official approach has been received for their skipper.
Fry told the Yorkshire Evening Post: "Initially, Brian (McDermott) spoke to me and Darren Ferguson, while I have also talked to Shaun Harvey and Ken Bates at a chairman's conference.
"But I have had no bid from Leeds United for Tommy.
"It's been left up to Leeds to make a bid and discuss it, but it hasn't got over first base, to be honest."