Borussia Dortmund chief Hans-Joachim Watzke insists the club have not received any offers from Real Madrid for sought-after playmaker Mario Gotze.
Gotze is thought to be hot property in the transfer market, with several European heavyweights being linked with his signature.
Primera Liga giants Real are the latest club believed to be pursuing the 19-year-old, who is under contract at Dortmund until 2014.
But chief executive Watzke insists there has been no contact from the Spanish side and has ruled out parting ways with Gotze.
"Firstly, there is no offer from Real Madrid," he told news agency dapd. "Secondly, selling Mario Gotze is not something we are considering.
"Therefore, this is like discussing phantom limb pains."
Gotze's agent said last week that it is unlikely the teenager will leave Dortmund until his contract expires.
The Bundesliga outfit's general manager Michael Zorc has echoed that statement, adding: "It is obvious that Mario Gotze has attracted interest from big clubs.
"But Mario is under contract with us until June 2014 and he will definitely play for us for a long period of time."
Germany international Gotze has returned to Dortmund and will not feature against Belgium on Tuesday night after national team coach Joachim Low decided to give the youngster a rest before domestic action resumes.