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Fiat Chairman John Elkann says his company has no plans to purchase a stake in Mazda, according to Reuters. Instead, the Italian automaker will focus its efforts on increasing its share of Chrysler to more than 60 percent. Right now, Fiat owns 58.5 percent of Chrysler, though the European company has made it clear that at some point in the future, it would like that figure to be closer to 100 percent.

Fiat and Mazda recently announced a plan to partner on the development of a new convertible sports car platform that will serve as the basis for both the next-generation Mazda MX-5 Miata and a new Alfa Romeo model. That partnership led analysts to speculate on a potential investment deal between Mazda and Chrysler. Both companies have dismissed the notion.

Even so, it's worth pointing out that Fiat has no interest in investing in Mazda right now. The company has its hands full with the European economic crisis and nursing Chrysler back to health, but there's nothing saying that once those two issues cool down Fiat wouldn't revisit the idea of a Japanese partner if the roadster partnership goes smoothly. Mazda could certainly use the cash, and we're betting that Fiat wouldn't mind injecting a bit of the Japanese automaker's dynamic prowess and Skyactiv knowhow into its products.