Vladimir Hryunov, Ustinov's promoter, has reportedly said that he has had meetings with Ricky Hatton in London regarding the match-up.
But according to Hatton Promotions no meeting has happened and due to his low ranking, Hryunov does not feature on their radar for Browne.
"Lucas is willing to fight anyone and, if offered, he would take the Ustinov fight, but at this moment in time we're looking for opponents with rankings that will help Lucas get a world title shot," Hatton explained.
"Lucas, at number four, is the highest rated available contender of the WBA for Ruslan Chagaev, and he's also in the top six with the IBF and the WBC so there's no point in boxing a guy who isn't ranked.
"Lucas is eager to fight anyone that mentions his name, but I've told him to start looking up rather than down.
"We're working on getting him the best fight possible and I think everyone will be happy when we make an announcement," he added.