Chelsea are not set to seal a deal for Kevin De Bruyne, his agent has confirmed to skysports.com.
Both Chelsea and Manchester City are chasing the Belgian prospect, rated as one of the best young midfielders in Europe.
The 19-year-old is already a first-team regular for Racing Genk, playing almost 50 games, and recently won his first cap for the senior Belgian side.
Chelsea have long been linked with him, and reports in England suggested they had sealed a deal by beating rivals City to his signature.
But speaking exclusively to skysports.com, his agent Patrick De Koster has confirmed that his client has not agreed a deal with anyone.
"I have been told that in the UK it is being reported that a deal for £4million had been done, but this is ridiculous," he told skysports.com.
"Firstly why would Genk accept £4million when they have already turned more than that down, and we are not in talks with anyone so how could something be agreed?"
Chelsea and City have both invited De Bruyne to their training HQs in the last few months but De Koster says he has not heard from either club in recent weeks.
"I have not spoken with Chelsea for over a month, and the same with City too, but I did speak with them - but I also spoke with the likes of Juventus and Ajax.
"The only club we are planning talks with at the moment is Racing Genk, who we will be discussing Kevin's future with.
"At this moment, we cannot say what his future holds, a number of clubs are looking at Kevin but we don't know what will happen, he could remain at Genk for another 12 months, you never know what will happen in football."
In recent weeks the likes of PSV Eindhoven, FC Twente, Bayer Leverkusen and Bayern Munich have also been credited with an interest.