Carlo Ancelotti has insisted that Xabi Alonso remains a vital player for Real Madrid and dismissed the idea of an exchange deal to bring in Andrea Pirlo from Juventus.
There has been speculation about the future of both midfielders as they approach the end of their respective contracts, and Ancelotti knows Pirlo well from their time together at AC Milan.
However, the Real boss has ruled out a move for his fellow Italian and given his full backing to Spain international Alonso.
The former Liverpool man has also been linked with a return to the Premier League, but Ancelotti is adamant that he wants Alonso to stay at the Santiago Bernabeu and play an important role.
"Xabi is a vital player for Madrid now that he's recovered from injury. There are only two players like him in Europe. One is Pirlo and the other is Xabi," Ancelotti told Mediaset.
"However, we have no intention of making a player exchange deal with Juventus. There is no substance to any rumour like that.
"I am still in touch with Andrea because I have a good relationship with him. I was pleased to see the Madrid fans give him a warm welcome when we met."