Fenerbahce have released a statement on their official website stressing that they have not agreed terms with Montpellier midfielder Younes Belhanda over a January transfer.
A number of reports earlier this weekend claimed that the Morocco international was on his way to Istanbul, but Fenerbahce have made it clear that an agreement is still far away.
"There is no truth in the reports suggesting that we have agreed terms with Montpellier over the transfer of Younes Belhanda," the statement reads.
"We are working on our transfer strategy with head coach Aykut Kocaman's wishes in mind, but have not completed any deal yet."
The 22-year-old has developed into one of the stars of Ligue 1 in recent years and was linked with a move to Premier League outfit Tottenham earlier in December, prior to the latest round of speculation.
He has a contract with MHSC until the summer of 2014.