Eintracht Frankfurt sporting director Fredi Bobic has told ESPN FC there has been "no contact" with Real Madrid over the transfer of Luka Jovic.
Reports in Spain from AS had claimed that the two clubs had agreed a €60 million fee to take the Serbia international to the Bernabeu when the transfer window opens in the summer.
It would mark a huge profit for the Bundesliga side, who only last month exercised their option to sign the player permanently from Benfica for around €7m following a two-year loan.
Jovic, 21, has scored 26 goals in 44 appearances in all competitions for Frankfurt this season and has been on Madrid's radar for some time. But reports that negotiations are at an advanced stage have been rubbished by Bobic.
"There has been no contact with Real Madrid," Bobic told ESPN FC. "For once, I don't have to use a white lie, they really haven't been in touch yet. I know them very well."
Madrid representatives may already have been in contract with Jovic's agents, but there is no deal on the table until Madrid make their first moves to negotiate a fee.
While Frankfurt await any such move, ESPN FC have been told that a number of Europe's top clubs have shown an interest in signing the player at the price which the Bundesliga side are asking.
Sources with knowledge of the situation said Madrid's interest was real, however no deal had yet been agreed with anyone, and the other top clubs to have made an enquiry included Paris Saint-Germain.
Benfica will be due 20 percent of any transfer fee, and Frankfurt may look for more than the reported €60m to take full advantage of Real Madrid as Zinedine Zidane looks to completely reshape his squad.
Jovic scored Frankfurt's goal as they drew 1-1 with Chelsea in the first leg of the Europa League semifinal on Thursday, while his club are in pole position to secure a first-ever Champions League campaign as they sit fourth in the Bundesliga.
Information from ESPN FC's Real Madrid correspondent Dermot Corrigan was used in this report.