Hugh announced he was stepping away from the role after playing the self-healing superhero for a ninth time in 2017's "Logan".
Fans have linked Taron to the role, but the "Rocketman" star insists there's no truth to the speculation - even though he is flattered to be picked by some as the Aussie actor's successor.
"That anyone thinks I would be good for the part is really flattering. I love Marvel, but it's just fan stuff. There is no grounding for those rumours," he tells GQ Hype.
The star is currently more concerned that the local theatre in Wales where he learnt his craft may be under threat as it has been forced to close during the COVID-19 pandemic.
"I've wanted to get back on stage for a long time and when something's not there, you want it more," he explains. "London theatre is a huge part of its economy and character, but what's more alarming is provincial theatre."
"For somebody like me, who came up through Aberystwyth Arts Centre, if that facility dies, my little sisters won't have that opportunity and that's really tragic."
He has, however, enjoyed spending time at home following a hectic 2019 that saw him win plaudits and awards for his portrayal of Elton John in his biopic, "Rocketman".
"As much as I enjoyed last year, with all the craziness, it's nice to step away from the limelight," he continues. "I've enjoyed being in my hometown. I feel like a member of a community."