Florentino Perez has rejected claims Manchester United and Real Madrid have agreed terms on a deal that would see Alvaro Morata leave for the Premier League.
Morata has been heavily linked with a move away from the Champions League winners after only 14 La Liga stars under Zinedine Zidane last season.
The striker's agent Juanma Lopez has confirmed the 24-year-old is keen to play more football in 2017-18, and that United were "a very interesting option".
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Reports of a rejected €60 million bid from United seem wide of the mark, though, according to Madrid president Perez, who remains keen to keep Morata in the Spanish capital.
"I do not think he's going to leave at all," Perez told Onda Cero. "Nobody wants Morata to leave.
"I have not talked to him or his father. We are happy. I read there is an agreement for €75m, but there is nothing."
Another player linked with a move away from Madrid is James Rodriguez after a frustrating stop-start campaign.
The Colombia international was left out of Zidane's squad for the Champions League final victory over Juventus, fuelling speculation he would be sold, but Perez has no interest in parting with the playmaker.
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"We do not see any reason not to continue with the players we have, including James," he added.
"James is a Madrid player. No one had told us anything and we are delighted with him."