"Although we are reluctant to respond to these types of press reports, the rumors circulating about our relationship are completely false. We are still together, and our marriage is intact," Will and Jada said in a joint statement, issued to Access Hollywood.
On Tuesday morning, InTouch Weekly claimed the Hollywood superstar couple has decided to split after 13 years of marriage.
Will, 42, and Jada, 39, tied the knot in 1997. They have two children together - Jaden, 13, and Willow, 10. Will also has a son, Trey, 18, from a previous marriage.
Will's previous marriage to Sheree Zampino lasted from 1992 to 1995.
Will and Jada reportedly met when Jada auditioned for a role on Will's long-running series "The Fresh Prince of Bel Air."
Back in 2008, Will opened up about his marriage during a visit to "The Ellen DeGeneres Show," and at the time, said "divorce is not an option."
"What I found is divorce just can't be an option," Will told Ellen at the time. "It's really that simple. And I think that's the problem with L.A. - there are so many options. So a huge part of the success for [Jada] and I is that we just removed the other options."
In 2005, Access spoke with Will while he was promoting "Hitch" to talk about the secret to making a marriage work.
"Jada and I spend a lot of time studying relationships and why things work and why things don't work," Will told Access Hollywood at the time.
"You've gotta love every aspect, you've gotta love it from every angle," Will later added.
Meanwhile, Jada said one of the secrets to the couple's success was finding time - and a place - for each other.
"You have to be willing to move around -- to move your romance around. Kitchen, closet, park, parked car," she laughed during the "Collateral" junket in 2004. "You'd be surprised!"