The Brazilian youngster is reportedly on the verge of completing a transfer to San Siro, but his current club have dismissed rumours a fee has already been agreed
The 19-year-old is one of the hottest commodities in the transfer market this summer, with Inter, Manchester United and Real Madrid all said to be vying for his services.
Reports on Thursday suggested Inter and Sao Paulo had concurred on a €27m (£21.2m) deal which could rise to as much as €32m (£25.1m) depending upon the midfielder's performances for the Italian club, but Paulo de Jesus Lopes has denied a deal is in place.
"I'm not aware of this information. I was with [Sao Paulo president] Juvenal Juvenicio on Wednesday and Thursday," the club's vice-president stated to Lancenet.
Paulo de Jesus Lopes then went on to admit that talks have taken place with Manchester United, but no agreement could be reached.
"We sat only to negotiate with Manchester United, but their offer was not good enough."
Lucas is currently taking part in the London Olympics with Brazil.