Lazio president Claudio Lotito has insisted that they are not going to sell Hernanes at any cost this month.
Recent reports in the Italian media have suggested that Inter Milan are keen on the 28-year-old creative midfielder and are ready to include teenage defender Ibrahima Mbaye in the deal.
However, Lotito claims that he is not open to any discussion about Hernanes, whose current contract with the Rome outfit runs out in June 2015.
"We have not sold Hernanes and we are not going to sell him," he told Radio Radio.
"We keep him tight. He must say if he wants to leave, we have no offer from anyone for him."
Meanwhile, Mbaye's agent has also played down suggestions that his 19-year-old client could be used as a bargaining chip by Inter.
The Senegalese youngster is currently on loan at Livorno, but recent reports state that Inter are willing to send him to Lazio along with cash for Hernanes.
"I would be very careful to say that it is all done," Beppe Accardi told Fcinter1908.it. "There are a lot of things to talk about.
"Tomorrow I will meet with Lazio's sporting director Igli Tare, but a meeting does not mean the completion of the deal.
"If Lazio appreciate the value of the player, then there will be no problem in moving to Rome. But at the moment I am not very confident or optimistic."