Starbucks said it was focused on its existing strategy in response to a news report that the coffee giant explored a takeover deal for Chipotle.

"Our team is laser-focused on executing our Back to Starbucks strategy," Starbucks told The Wall Street Journal in a statement Thursday, referencing Chief Executive Brian Niccol's plan to bolster sales and improve the café experience. "We have strong momentum and confidence in our long-term growth potential," the company said.

Starbucks has a more than $100 billion market value. Its shares traded down over 3% Thursday after the Financial Times reported that the company had worked with advisers to explore a potential deal for Chipotle in recent months, while Chipotle's shares rose around 7%. (Starbucks shares have recovered a bit and are now down 1.7% on the day.)

A potential tie-up would rank as one of the biggest restaurant deals ever and task Niccol-Chipotle's former chief-with reviving two of the country's most recognizable chains simultaneously.