The Turkish Football Federation (TFF) has denied terms have been agreed for the exit of Guus Hiddink to Chelsea.
Sky Bet have slashed the odds on the Turkey coach returning to Stamford Bridge to 1/8 after a string of significants bets on Monday morning.
But reports Chelsea have already agreed a compensation deal for Hiddink are wide of the mark, TFF spokesman Turker Tozar said.
"Mr Hiddink is still our manager and he has a contract until 2012," he insisted.
Chelsea are keen to tie up a deal for the 64-year-old soon but Tozar re-iterated any potential negotiations will have to wait until next week as the TFF's president Mahmut Ozgener and Hiddink himself are on holiday.
"There is nothing official happening because both parties are away," Tozar added.
"Mr Hiddink is on holiday now and the president is on holiday for a week as well. Nothing can happen at the moment."
Hiddink added fuel to speculation that he wants to return to Stamford Bridge after refusing to commit his future to the country before Friday's 1-1 draw against Belgium.
But his agent Cees van Nieuwenhuizen insists the coach is still focused on leading Turkey to Euro 2012 despite the draw, which left the team eight points behind Group A leaders Germany and one behind the Belgians.
"He is very happy with the draw in Brussels because he is still in the race for the European Championships," Van Nieuwenhuizen said.
"Nothing has changed. I have said it before, Guus is under contract with Turkey.
"He has an obligation there until his contract is up in June next year. We have been saying that for weeks. Everyone is making their own stories about his future, but this is the reality."