Howard Stern made a shocking allegation while appearing on the Late Show with David Letterman.
"He got fired. He went in and he asked for more money and they gave poor old Regis the boot," said Stern.
"I don't want to hear that. I don't want to believe that," said Letterman.
But on his show, Philbin said there's no truth to Stern's remark.
"Regis never asked for more money. Regis never had the chance, believe me," he said, laughing.
Philbin announced in January that he was retiring from the show at the end of the season, after a 30-year run.
Stern claimed he got the story about Philbin being fired straight from the man himself:
"First of all, he lives in my building. He thinks I'm a stalker, I'm sitting and waiting outside [because] I want to get the story from Regis," said the radio host.
But Philbin says he hasn't spoken to Stern in months.
"You shouldn't have told him that," said Philbin's co-host Kelly Ripa.
"I didn't tell him that!" said Philbin.