Marca reported on Wednesday that the Blancos had turned their attentions to the right-back, having already sealed Luka Modric's transfer from Tottenham earlier in the week.
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It was speculated that the Spanish champions had identified Debuchy as the ideal candidate to bolster their defence and were preparing a €12 million [£9.5m] bid, but Seydoux has expressed a desire to retain his services.
"We have not been approached. Anyway, Mathieu really wants to play Champions League with us," the patron told reporters.
Debuchy, who has made over 200 appearances for Lille, was one of the stars of France's Euro 2012 campaign, and had attracted interest from Newcastle earlier in the summer.
Lille were drawn in Group F of the Champions League alongside Bayern Munich, Valencia and BATE Borisov.