Porto president Jorge Pinto da Costa says the club are 'very far' from an agreement to sell Ricardo Quaresma to Internazionale.
Quaresma has been linked with a move to the Italian champions after Jose Mourinho was appointed Inter coach.
Mourinho's former club Chelsea have also been mooted as admirers of the winger after ex-Portugal boss Luiz Felipe Scolari took charge at Stamford Bridge.
However, Inter are the favourites to sign the 24-year-old, who is under contract at Porto for a further three seasons.
Pinto da Costa has not ruled out selling Quaresma, but admits no imminent move to the Giuseppe Meazza is planned for the wide man.
"I will not say that everything is fanciful, but we are very from being able to say that [the agreement] is close," Pinto da Costa told reporters in Portugal.
The Porto president also dismissed claims that Mourinho wants to take defender Bruno Alves to Serie A this summer.
He added: "That is totally false and Jose Mourinho has already denied it."