Hamburg have rejected another offer from Real Madrid for Ruud van Nistelrooy and insist the striker will not be leaving before the close of the January transfer window.
Van Nistelrooy left Real to join Hamburg 12 months ago, but is wanted back at the Santiago Bernabeu to solve a crisis up front for Jose Mourinho's side.
An injury to Gonzalo Higuain has left Real with only Karim Benzema as a recognised striker and Mourinho wants to bring in reinforcements.
Former Manchester United hit-man Van Nistelrooy had admitted that he would be tempted by the prospect of returning to Real this month.
However, Hamburg chairman Bernd Hoffman has again dismissed Real's approach and stressed no deal will happen before the end of January.
"Real Madrid have, in recent days, still been trying to make the transfer happen and made us an offer of more than 2million euros plus a friendly on our 125th anniversary," said Hoffman.
"This offer has been rejected again, and for the last time. We have communicated this decision to the player and his advisor.
"We will do everything possible to reach Europe and therefore it is impossible for us to let him go."