Conservative MP Mark Pritchard has claimed the allegations made by an article in The Daily Telegraph's were false, hurtful and malicious.
Mr Pritchard told BBC One's Sunday Politics show: "These claims by the Telegraph are false, they are hurtful and they are malicious.
"The reason I say they are malicious is it's known quite widely that I've sued the Telegraph previously, I've also been quite critical of their coverage of the 'Plebgate 'affair, their reporting of that.
"The fact is that I believe in a free press, very much so, but that free press also has a responsibility to be fair, to be accurate and to be lawful."
Tory MP Mark Pritchard is to sue The Daily Telegraph after it alleged he exploited foreign contacts to set up business deals.
Mr Pritchard said he was in "final legal discussions about issuing a writ" over the report, which claimed he could use his "network" to set up meetings with politicians in countries where he had parliamentary connections.
"These sort of headlines create suspicion," he told BBC One's Sunday Politics. "I am suing The Telegraph and I expect an apology, and I don't wish to prejudice legal proceedings here today."
This week the parliamentary commissioner for standards said there was insufficient evidence to mount an investigation into the claims that Mr Pritchard told an undercover reporter posing as a businessman that he should invest £10 million in a group of boutique hotels in Albania.
Conservative MP Mark Pritchard will not be investigated over allegations about his business dealings in Albania.
The Parliamentary Commissioner for standards said today there was "insufficient evidence to institute an enquiry".
Prime Minister David Cameron's official spokesman declined to comment on the allegations against Conservative MP Mark Pritchard.
"I think this is now being investigated by the Parliamentary Commissioner for Standards," said the spokesman.
He added: "Parliament has its rules and procedures and it's important that they are followed."
The Daily Telegraph claims the MP for Wrekin, Shropshire - Mark Pritchard - told an undercover reporter he could use his “network” to set up meetings with politicians in countries where he had parliamentary connections.
The Conservative MP is heard in the covert footage saying: "To be completely brutal, I know the mayor, I know the prime minister, I know the speaker.“I don’t lobby. I don’t, whatever. But my network I will use.”
The newspaper claims the MP was secretly filmed offering his services as a consultant and offering to fix up meetings, including dinner with the prime minister of Malta.
The MP has denied the claims and has asked the parliamentary standards watchdog to investigate.
A Labour Party spokeswoman said:
Conservative MP Mark Pritchard has denied "hurtful and malicious" claims that he was exploiting foreign contacts to set up business deals.
Mr Pritchard, MP for Wrekin, Shropshire, said he has asked the parliamentary standards watchdog to investigate after The Daily Telegraph reported that he claimed he could use his "network" to set up meetings with politicians in countries where he had parliamentary connections.
"The allegations made by the Telegraph are false - and I deny their claims," Mr Pritchard said. "They have selected quotes out of context to fit their desired story, which is both hurtful and malicious and seeking to damage me.
"This is not the first time the Telegraph have made false claims about me for which I have subsequently and successfully sued them for libel. I cannot comment further as I am consulting libel lawyers. I have asked the Parliamentary Commissioner for Standards to investigate the matter".