Germany's largest bank received a subpoena from Mueller several weeks ago to provide information on certain money and credit transactions, the person added, confirming a report by German daily Handelsblatt published on Tuesday.
The special counsel is investigating whether the Trump campaign colluded with Russians connected with the Kremlin in the lead-up to the 2016 election.
But after publication, Trump's lawyers said in a statement that the story was false.
"We have confirmed that the news reports that the Special Counsel had subpoenaed financial records relating to the president are false", he told Reuters in a statement.
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A US official with knowledge of Mueller's probe said one reason for the subpoenas was to find out whether Deutsche Bank may have sold some of Trump's mortgage or other loans to Russian state development bank VEB or other Russian banks that now are under USA and European Union sanctions.
Trump has more debt with Deutsche Bank than any other lender.
Deutsche Bank management is ready to share information about the lender's dealings with Trump and is hopeful that doing so will help end the series of inquiries from Democrats, an executive at the bank, who asked not to be identified discussing private deliberations, has previously told Bloomberg News. A source close to the matter said that Germany's biggest bank had received a subpoena from Robert Mueller's team for documents related to its dealings with the US President and had already begun to provide them.
Deutsche Bank has been served. The reason Deutsche Bank attracts so much attention from Trump critics is that the Justice Department looked into an alleged $10 billion Russian money-laundering scheme. Representative Maxine Waters of California and other Democrats have asked whether the bank's loans to Trump, made years before he ran for president, were in any way connected to Russian Federation.
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Trump told the New York Times this past summer he would consider it a "violation" if Mueller were to expand the probe beyond Russian Federation.
Trump and Deutsche Bank have not always been on good terms. Allegedly the bank helped finance the renovation of the Old Post Office in Washington, the purchase of the Doral golf course in Florida and the construction of an office building in Chicago.
Deutsche Bank is not the only Trump-related business interest that is attracting the attention of investigators. United States investigators are demanding that it provide information on dealings linked to the Trumps, sources familiar with the matter told Handelsblatt.
Deutsche Bank countersued and the two sides eventually settled. But it was not immediately clear what their relationship with the bank is or had been. Papadopoulos pleaded guilty. Manafort and Gates pleaded not guilty.
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Flynn rejected claims that he had committed treason, but said he accepts "full responsibility for his actions ." . But Trump has repeatedly rejected that view.