MetLife said no agreement had been reached to buy AFP Provida SA, the largest private pension fund in Chile.
Bloomberg first reported the talks last month, putting a value of more than $2 billion on the business.
BBVA, Spain's No.2 bank, said last May it might sell its Latin American pension fund businesses as it looks to shed operations outside its main markets to reduce risks and meet tougher capital rules.
MetLife shares closed at $37.72 on Tuesday on the New York Stock Exchange.
Reporting by Aman Shah in Bangalore; Editing by Ted Kerr