Current Test players Stephen Fleming and Shane Bond as well as retired allrounders Chris Cairns, Nathan Astle and Chris Harris have all been linked to the league, which is due to begin a Twenty20 competition in October.
Fleming and Bond have maintained a firm silence on the subject, and NZC chief executive Justin Vaughan said no contracted player had yet asked for a release to participate in the ICL competition.
But Vaughan said anyone who asked would be turned down.
"We have considered this issue carefully and have concluded that New Zealand Cricket cannot agree to release our contracted players to participate in the ICL," he said in a statment.
"We have entered into these contracts in good faith and stand by our players through their contract period. We expect players to treat us the same way."
Vaughan did not touch on what penalties players would face if they joined the ICL in breach of their contract, but the Dominion Post reported before the announcement that lawsuits were possible.
Former Indian allrounder Kapil Dev is regarded as the brains behind the rebel Twenty20 competition scheduled to start in October, which has already signed former West Indies and Pakistan captains Brian Lara and Inzamam-ul Haq.
Vaughan said he had communicated with the New Zealand players "to ensure they understand the reason for New Zealand Cricket's position and why it is in the best interests of the sport."