Under Armour: We're NOT In Talks with Pacquiao

Under Armour says it's ABSOLUTELY NOT trying to swoop in on Manny Pacquiao ... despite the fact he's wearing their shoes ... telling TMZ Sports there is NO deal in the works.

Just days after Nike kicked the boxer to the curb for anti-gay comments, Manny was spotted out in the Philippines playing basketball in a pair of UA shoes ... and there was buzz he had signed or was going to sign with the sportswear giant.

But a rep for the company tells TMZ Sports it just ain't true -- saying bluntly, "Under Armour is not in conversation with Manny Pacquiao."