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"While we are engaged in discussions with the ICC (International Cricket Council) and other members, including the BCCI, to find an acceptable way forward, we have not and will not consider deals that compromise our key principles and integrity," CSA president Chris Nenzani said on Tuesday.
"This is a difficult time for global cricket and attempts to mislead and create confusion are not welcome.
"CSA vehemently denies any notion of deals being made with any other party. On the contrary, we will seek to uphold good governance and our professional approach to find solutions to the current proposals being considered by all the member boards."
Reports in Business Day and on Cricinfo website alluded to a deal being struck which would see, among other things, CSA's chief executive Haroon Lorgat reintegrated into his role as South Africa's top cricket administrator after he fell out of favour with the BCCI last year.
Lorgat was forced to take a back seat during India's abridged tour of South Africa in November 2013 and was also prohibited from attending ICC meetings or having any direct dealings with the BCCI.
In exchange for him being able to carry out his full duties, CSA would support the ICC's revamped proposal -- put forward by the BCCI, Cricket Australia (CA) and the England and Wales Cricket Board (ECB) -- which would give more decision-making power and a larger share of revenue to the three cricket boards.
The ICC's current funding model distributes surplus revenues equally among full members and, in smaller proportions, to its associate and affiliate members.
The new model rewards the biggest contributors towards the ICC's revenues and would increase the BCCI's share of the pot from 4.2 percent to 21 percent as they generate more than 70 percent of the money.
Nenzani said in his statement on Tuesday: "We have carefully considered the proposals and we have declared that we will engage further with the ICC and other members to try and reach any consensus ahead of Saturday's ICC Board meeting and that position still stands.
"Naturally we want good relations with the ICC and all its members, especially India, with whom we have always enjoyed a special relationship, but we will exercise our responsibilities with due care, skill and integrity and we will uphold the principles of good governance."
CSA was one of four boards to be publicly opposed to the new model and, in January, appealed to the ICC president Alan Isaac to withdraw the proposal.
On Saturday, CSA issued a statement in which Nenzani said he was confident of reaching an agreement with the ICC leadership ahead of next Saturday's ICC board meeting.
Pakistan remained one of the few countries still firmly opposed to the proposal while Bangladesh had done an about-turn after being promised a number of tours against the Big Three.
Voting on the ICC proposal was likely to take place at the next ICC meeting in Singapore on February 8.
