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The British newspaper News of the World had claimed on Sunday that the exes were about to settle out of court, with Mills, 38, receiving more than $63 million in cash and property – almost $2,000 for each hour of their four-year marriage.
Not true, says her side. "She is in tears about this," a friend of Mills tells PEOPLE. "There has been no deal."
Her lawyers, Mishcon de Reya, issued a statement Monday saying, "We would like to state that there has been no offer made whatsoever at any time to our client and therefore no settlement has been agreed."
Sources close to Mills say the pair are, in fact, far from an agreement. "This will take month and months," says the friend.
But they will be in court in February to tackle one issue: Mills wants McCartney to pay for a bodyguard for her because, she says, she has been threatened and followed.
Mills and McCartney are being represented by Anthony Julius and Fiona Shackleton, respectively – the same lawyers who handled Princess Diana's and Prince Charles's royal divorce in 1996.
The couple, who have a 3-year-old daughter, Beatrice, married in June 2002 and separated in May. McCartney filed for divorce two months later.
A rep for McCartney had no comment when contacted by PEOPLE.
