Schalke general manager Horst Heldt insists they want to keep star performers Klaas-Jan Huntelaar and Benedikt Howedes.
Both players are currently on international duty with Holland and Germany respectively at Euro 2012, but that has not diminished the speculation about their club futures.
Howedes, 24, is the current skipper of the club and has a contract that runs until 2014, however, his displays last season brought him to the attention of Read Madrid.
While Huntelaar, who topped the scoring charts last term with 29 goals, is being monitored by Malaga but Heldt insists they want to retain their prized assets.
"Of course I have read the story with Real Madrid but I don't know a thing about it," he told BILD.
"We do not want to sell Bene (Benedikt Howedes); he is under contract with our club."
Of the speculation linking Huntelaar with Malaga, he added: "Really, I do not believe he wants to join that club. What would he do there? Maybe at the most, the weather is better down there."