President Mahmoud Ahmadinejad had announced on Tuesday that the two would be freed in "a couple of days".
They were arrested in 2009 and sentenced to eight years in prison on espionage charges last year.
They claimed that they strayed into Iran accidentally while hiking near the border with Iraq.
"While denying [the] release of two Americans accused of espionage, the public relations of the judiciary announces that the request of the lawyer to post bail and free them is being studied by the case's judge," said a statement posted on the judiciary website on Wednesday.
"Any information in this regard will be issued by the judiciary and any release of information from other sources is not valid," it added.
On Tuesday, President Ahmadinejad was quoted in interviews with the US media as saying the two Americans would be freed, in what he described as a "unilateral pardon" and a "humanitarian gesture".
Also on Tuesday, an Iranian judge said he would release the men on payment of $500,000 (£316,000) bail each.
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