Monaco vice-president Vadim Vasilyev says no agreement has been reached with any club for the transfer of Kylian Mbappe but confirmed there have been "very big enquiries" for the striker.
Reports in Spain claimed Madrid and Monaco had an agreement in principle for the 18-year-old striker to move to La Liga, while sources told ESPN FC that Manchester City were interested in signing Mbappe for a world-record transfer fee.
Vasilyev has denied a deal is in place and said Monaco, who have already seen Bernardo Silva, Tiemoue Bakayoko and Benjamin Mendy depart this summer, still hope to extend Mbappe's contract.
"I have read a few articles in the press," he said. "Today, we don't have an agreement with Real Madrid, nor with any other club.
"We do, however, have very big enquiries. All the big clubs want him. He's the most promising player in European football -- it's normal there is so much attention around him.
"We remain fixed on the same objective. We're talking about a contract extension that has to fit with the economic model of the club. I hope we'll manage to do that. It's a very important decision, especially for Kylian.
"It's not easy to handle this situation, but he's doing it very well. I repeat: there is no agreement, Monaco's wish is to extend his contract. But you have to give us time to talk to the player and his family."
When it was put to him that Mbappe would leave this summer if he does not sign an extension to his current deal, which runs through to 2019, Vasilyev replied: "No, not at all, because he's a player everyone wants, and even if he stays another year, everyone will want him next summer."
Vasilyev said that, despite losing several first-team players, Monaco have not sold anyone against their will and ruled out a departure for Arsenal target Thomas Lemar.
"We have kept all the key players we wanted to keep," he added. "You mentioned Fabinho, who is a key player in midfield and who was wanted by all the big clubs.
"I have also seen speculation about Lemar, who is also staying -- we've talked about it. They're two great talents and two key players in our team. You shouldn't expect any departures, but rather some arrivals."
Monaco upset the odds by beating big-spending Paris Saint-Germain to the Ligue 1 title last season and Vasilyev said: "It will be difficult to defend the title.
"We know who the favourites will be but we are ambitious."
ESPN FC's France correspondent, Ian Holyman, contributed to this report.