In an interview with ESPN this week, Woodley (18-3-1) predicted his next title defense would be against Diaz (19-11). Shortly after, Diaz told ESPN he was interested in making the fight, despite the fact that he usually competes at lightweight.
Woodley went on to say, "If I had to bet the house on it, that's my next opponent." And he even stated, "There are conversations about Nate and I fighting in July."
Speaking to UFC Tonight on Wednesday, White was clear in his stance on the proposed bout.
"[Woodley] is full of s---," White said. "That fight was never made. You couldn't be more wrong. He couldn't be more full of s---. It's absolutely not true. Our lawyer actually hit his manager up today and said he needs to stop saying these things.
"I wouldn't bet a nickel on it, let alone his house."
Woodley, 35, is currently recovering from shoulder surgery in December. According to White, his next title defense will be against Rafael dos Anjos.
"We're looking at dos Anjos," White said. "That's the fight. It's a fair fight. He just won a great fight against [Robbie] Lawler. He looked good.
"What I love about that fight is I think dos Anjos will bring it. He will come after Tyron Woodley, and it will be a great fight. That's the fight that will happen."
As far as Diaz, White said he's not optimistic of a return in the near future. Diaz has not fought since a rematch against Conor McGregor in August 2016. The Stockton, California, native told ESPN he's "sick of not fighting" and is looking to return by summer.
"We've offered Nate Diaz five or six fights over the last several months, and he's turned them all down," White said. "Will he fight this year? Maybe he will come out and say he wants to fight eventually, but no. He's turned down every fight we've offered him."