The 29-year-old Londoner had been strongly linked with a move to the £40 million squad being put together by David Brailsford, the performance director of British Cycling, and funded by the satellite television broadcaster.
Wiggins would have been the figurehead of any new team but now seems set to stay with his current team, Garmin-Slipstream, until at least the end of the 2012 season.
Garmin team boss Jonathan Vaughters said: "Brad has a contract to the end of 2010.
"We are having dinner next week to talk about 2011 and 2012.
"Just to clear up any confusion."
It is Brailsford's second blow as Mark Cavendish, who underlined his position as the world's top sprinter during the Tour by winning six stages, has made it clear that he has no plans to leave Columbia, his present team.
Wiggins, meanwhile, has said that he is prepared to release all of his drug-test results from the past 10 years to prove that his impressive fourth-place finish in the Tour de France was not tainted.
Winner of three Olympic gold medals, Wiggins equalled the best finish by a British competitor in the Tour de France which finished Sunday.
He said: I came from nowhere on the Tour and everyone knows where it's been with blood doping.
"I don't want there to be any suspicion or doubt that what I did was natural. I have nothing to hide and I want this transparency.
"We had a test on Saturday that should be back soon and I expect everything to go online within the next few days.
"Once the last set of bloods are in they'll release the whole thing for the last couple of years.
"British Cycling have all my blood tests results from the age of 19 and I might even release everything from the last 10 years."