Triplet pairing in Sr_{2}RuO_{4} was initially suggested based on the hypothesis of strong ferromagnetic spin fluctuations. Using polarized inelastic neutron scattering, we accurately determine the full spectrum of spin fluctuations in Sr_{2}RuO_{4}. Besides the well-studied incommensurate magnetic fluctuations, we do find a sizable quasiferromagnetic signal, quantitatively consistent with all macroscopic and microscopic probes. We use this result to address the possibility of magnetically driven triplet superconductivity in Sr_{2}RuO_{4}. We conclude that, even though the quasiferromagnetic signal is stronger and sharper than previously anticipated, spin fluctuations alone are not enough to generate a triplet state strengthening the need for additional interactions or an alternative pairing scenario.