The 25-year-old has reportedly caught the attention of Liverpool, but the Spanish champions have no intention of letting the forward go
The 25-year-old was impressive during the 2011-12 campaign, thus attracting the interest of Liverpool among other teams.
Nevertheless, a summer move seems unlikely following agent Garcia Quilon's latest comments.
"There are a number of teams that are interested in Callejon," he told AS.
"However, Real Madrid consider him non-transferable. They are not going to sell him."
Callejon joined Los Blancos from Espanyol in the summer of 2011, and has since become an important member of the first team.
He has a contract with the Liga champions that runs until June 2016.