Deion Sanders tells TMZ ... he did not CHOKE SLAM an employee at the school he co-founded ... but acknowledges there was a physical confrontation.
Cops in Dallas are investigating violent allegations made by Kevin Jefferson, the CFO of Prime Prep Academy ... a charter school Deion co-founded last year.
According to Jefferson, Sanders flew off the handle after learning that some of the school's student athletes were not doing well in their classes.
Jefferson says Sanders got "upset and a little emotional" and then "grabbed me by my throat and kind of threw me to the ground."
But Sanders says it's all BS -- telling TMZ, "We locked up with one another ... but he was not physically assaulted."
He adds, "He's looking for a pay day. I did nothing to that gentleman that warranted an assault."
Sanders later tweeted, "The Person claiming assault is a fake administrator whom does absolutely nothing to help the school,kids or teachers reach our goals. Truth."
He added, "I won’t sit&witness my PrimePrep kids receive 2nds when they deserve the BEST EDUCATION!"
Deion says he'll cooperate fully with the investigation -- so far, he's not been contacted by police.