Leicester City vice-president Aiyawatt Srivaddhanaprabha says there are no offers on the table for Riyad Mahrez.
The 26-year-old confirmed his desire to leave the club in May but there has been little progress on a possible exit during the transfer window.
Leicester boss Craig Shakespeare claimed this week that a bid had been rejected from Roma, who are seeking a replacement for Mohamed Salah, the star attacker having departed Stadio Olimpico for Liverpool.
Arsenal and Tottenham have also been linked with Algeria international Mahrez, who won the PFA Players' Player of the Year award after inspiring his side to the Premier League title in 2015-16.
However, speaking ahead of Saturday's Premier League Asia Trophy match against Liverpool, Srivaddhanaprabha claimed the Foxes are still waiting for new bids.
"Actually, there's no real offer at the moment," he said. "We know his potential, but he also has to adapt to the team. If he performs well, he'll have his chance in the team
"Change is ordinary in football. I believe every player wants to play, obviously with big clubs. Mahrez also has his dream. [There is] nothing concrete at the moment, and he is still a Leicester City player.
"The transfer market now is really difficult to work with. I saw reports say that 'the offer's not good enough'; actually, there's no offer at all.
"Or, if there is one, it will be lower than those expensive done deals for players that never won the PFA [award], no Champions League stint, [and have] never been on [the] Ballon d'Or shortlist.
"I don't set the exact price tag, as we don't want to sell him. Reporters can have their say. I didn't say 40, 50 or 100 million [pounds] because I really don't know.
"You have to consider his value at the moment he left, and [the] value of his replacement accordingly. I can't see a player like Mahrez or a decent replacement in the market right now."
Srivaddhanaprabha also confirmed that Leicester are keen to sign Kelechi Iheanacho from Manchester City.
"Yes, we have interest in him," he said. "But we have to wait for Manchester City's stance on this, as they are still in their pre-season as well. If it happens, it will be soon.
"Leicester City's transfer market is not over yet. We just signed three players and there will be at least one more.
"We aim for a top-10 position this season. If we start well in the first half of the season, then we will also expand our focus to cup competitions."