John Fenty has insisted that Grimsby have not received an official offer from Peterborough for Ryan Bennett.
Posh director of football Barry Fry revealed on Wednesday that he had made an enquiry about the highly-rated centre-back.
Mariners manager Mike Newell responded by saying that the 19-year-old would not be leaving Blundell Park this summer.
And chairman Fenty has admitted that, while he did speak to Fry, no bids have yet been lodged.
"They haven't made a bid," said Fenty. "Peterborough, in the name of Barry Fry, picked the phone up and spoke to me and asked about 'the boy Bennett' in the words of Barry Fry.
"He said that several agents had contacted him, including a PFA representative, suggesting he was out of contract.
"My reply to that was, 'he's on contract, he's triggered a two-year option and on top of which, he is under 24 and our interest is to gain some football fortune and attempt to keep the squad together.'
"Those were my comments to Barry and if Peterborough have got further interest it's up to them to show it.
"Beyond that, the phone call was ended with Barry acknowledging how it is. We haven't had a formal offer and that's the way it is."
Striker Andy Taylor, meanwhile, has been told by Newell he is free to leave Grimsby.
The 20-year-old forward has been deemed surplus to requirements after failing to make much of an impression on the first team this season.
The Grimsby-born forward has a year remaining on his contract but has been told he can talk to other clubs.
"I was gutted when I was told," he said in the Grimsby Telegraph. "Hopefully I will find a club somewhere else."
Taylor joins Tom Newey, Peter Till and Mickael Buscher in being told his future lies elsewhere.