Toney is reportedly the subject of an FA investigation which has been ongoing for seven months. The striker has not been charged with any offence.
The betting activity reportedly took place before Toney played for Brentford, with no suggestions that he ever gambled against his own team.
“I’m aware of a story about me in a national newspaper today,” Toney wrote on Twitter.
“I have been assisting the Football Association with their enquiries and will not be making any comment until such investigation has reached its conclusion.”
Toney was included in the most recent England squad by manager Gareth Southgate, but the striker did not make an appearance for the country in the UEFA Nations League matches against Italy and Germany.
He does, however, remain hopeful of being selected in the England 2022 World Cup squad. Southgate is expected to name his final 26-man squad on November 10.
“I am a proud Englishman and it has always been my childhood dream to play for my country at a World Cup finals,” added Toney.
The FA states that betting on football is banned for all players, managers, coaches, club staff, directors and licensed agents involved in the Premier League.
Such persons are prohibited from betting – either directly or indirectly – on any football match or competition that takes place anywhere in the world.
A statement from Brentford read: “We note the story concerning Ivan Toney and the FA investigation. The club will not be commenting.”