Florentino Perez has insisted that Real Madrid are not looking to sell Pepe this summer.
The 30-year-old is reported to be one of the top targets for Manchester City as he has an admirer in Manuel Pellegrini, who is set to be confirmed as the new coach at the Etihad Stadium.
With Jose Mourinho, now back at Chelsea, also linked with a raid on his former player, Perez has confirmed that Pepe is not for sale.
"Pepe is for for sale and will not move this summer, at least that's my opinion," the Real supremo told Onda Cero.
Perez also said that he will not be letting Cristiano Ronlado or Iker Casillas leave.
"I never said he wanted to go," he said when asked about Ronaldo.
"And I cannot imagine a future without Casillas."
Real are yet to confirm their new coach, but Paris Saint Germain's Carlo Ancelotti's remains top of their wanted list.
"He would fit very well into the Real Madrid culture," said Perez.
"He knows how to handle big players and is a good coach, what happens next is down to PSG."