Hamburg are not in talks with Atletico Madrid over the sale of striker Paolo Guerrero, according to general manager Frank Arnesen.
Speculation has surfaced that the Peru international is set for a move to the Vicente Calderon this summer after negotiations were thought to have opened between the two clubs.
Atletico are believed to be on the lookout for a striker to replace star hitman Sergio Aguero, who has been heavily linked with Manchester City.
But Arnesen has poured cold water on the talk surrounding Guerrero by insisting the 27-year-old, who is contracted at the Bundesliga side until June 2014, is staying put.
He told BILD: "This is nothing more than a rumour. We have not been approached by any club with regard to Paolo Guerrero.
"Paolo will have one week of holiday when the Copa America ends. After that he is fully in our plans for the new season.
"There is no doubt. I want to keep hold of the best players. We have a young squad and I would not like to see an experienced player leave."
He added: "Anyway, if a lucrative offer came in, we would have to sit down and discuss it."
Guerrero, who joined Hamburg five years ago from Bundesliga rivals Bayern Munich, scored four goals in 25 appearances for the club last season.