The 19-year-old is one of the hottest commodities in the transfer market this summer, with the Nerazzurri, Manchester United and Real Madrid all said to be vying for his signature.
Reports on Thursday suggested Inter and Sao Paulo had concurred on a €27 million deal, which could rise to as much as €32m depending on 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 Juvencio 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 only negotiated with Manchester United, but their offer was not good enough."
Lucas is currently taking part in the London Olympics with Brazil.
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