The agent of Brazilian starlet Lucas Moura insists the player is concentrating on representing his country at the Olympics after Manchester United confirmed their interest in the teenager.
United manager Sir Alex Ferguson said earlier on Monday the club are in talks to sign the 19-year-old from native club Sao Paulo but made it clear no deal had yet been done.
The midfielder's agent, Wagner Ribeiro, has echoed the Red Devils boss in insisting the two clubs are yet to reach an agreement over the highly-rated youngster.
The representative claims Moura, also linked with Real Madrid and Inter Milan, is not letting the prospect of a move to Old Trafford distract him from representing his country at the London Games, where Brazil are favourites to win gold.
He told Gazeta Esportiva in response to reports a deal had been done: "This is just speculation from the English press.
"All the parties have to agree: the player, the buying club and the selling club.
"I guarantee 100 per cent that Lucas has not done a deal (with United). He is focused on the Olympics."
Sao Paulo manager Ney Franco has also strongly refuted reports a deal has been agreed and says the club turned down a bid from Manchester United over a fortnight ago.
But Brazilian newspaper Lancenet reported on Monday that United are set to table a new €40million (£31m) bid and offer Moura a five-year deal and three times the salary he receives at Sao Paulo.
Franco said: "There was an offer 15 days ago but that was rejected by Sao Paulo.
"The news coming from England is not true. The three parties have to give their approval but there hasn't been any contact.
"Lucas is in the Olympics. It's absurd the English papers would report that."