Massimo Moratti says Internazionale have not agreed a deal to sign Maniche from Atletico Madrid.
Reports have suggested that the Portugal international will be joining the Italian champions on loan for the rest of the season.
Inter president Moratti concedes that the midfielder is among Roberto Mancini's targets for the January transfer window.
But he also acknowledged that the Nerazzurri have yet to decide whether to make a firm proposal to Atletico.
"This is the main name in the newspapers," said Moratti on the club's official website regarding the interest in Maniche.
"Yes, we have been following him, but we still haven't decided what to do.
"I don't know if intervening during the January transfer window is viable. We will decide with Mancini.
"(Walter) Samuel's injury has certainly created a few more problems because at the moment we have a few defenders playing in midfield.
"But we have the players. We must respect the general balance of the team."
On Samuel - he underwent surgery on his knee ligament injury and looks set to miss the rest of the season but the club's medical staff will assess him in the coming weeks.