Festival bosses said that singer Axl Rose's Twitter account had been hacked and that the message that "all upcoming Guns N' Roses dates are officially cancelled" was incorrect.
In a statement, a spokesman said: "Festival Republic are informed by GN'R management that Guns N' Roses have NOT cancelled their performances at Reading and Leeds and that Axl Rose's twitter account was hacked into and all claims of dates being cancelled are unfounded."
Several high profile celebrities have been at the centre of hacking claims relating to Twitter, the micro-blogging website.
In March it was reported that a Frenchman hacked Twitter accounts belonging to US President Barack Obama.
Leeds Festival takes place August 27-29 at Bramham Park, near Wetherby.