Irishman Coughlan has been told he is surpluss to requirements at Hillsborough and can move on if a deal with another club can be agreed.
Wycome are on the look out for defenders following injuries to centre-backs Mike Williamson and Will Antwi although Lambert is keeping his cards close to his chest regarding future signings.
The former Celtic and Borussia Dortmund star told Wycombe's official website: "It's that time of the year when speculation is rife and I don't know where this report came from, but it's not true.
"Yes, it's true that we are looking at central defenders, but we haven't signed one yet I can assure you."
Ambitios Wanderers, who tried to sign former Celtic captain Neil Lennon this week, also have a striker who is courting interest from several clubs including Wednesday.
Jermaine Easter impressed for the Adams Park side last season and The Owls, as well as Cardiff have been linked with a move to sign the highly-rated Welshman.