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Folk musician Ray Jackson says he was paid just 15 pounds ($35 Cdn.) for his work on the track in 1971.
Jackson, now 54, says that he came up with the classic mandolin melody for the hit song.
A spokesperson for Stewart said that the claim was bogus because, although Jackson did play on the song, he didn't have any part in writing it.
"This ridiculous claim was first brought up in the mid-1980's, some 14 years after the song was written and recorded in 1971," Stewart's spokesperson said.
Jackson believes that he has possibly lost over one million pounds ($2.3M Cdn.) because he was not credited for the song's distinctive melody.
"I am convinced that my contribution to 'Maggie May,' which occurred in the early stages of my career, was essential to the success of the record," said Jackson.