Monaco vice-president Vadim Vasilyev has denied an agreement has been reached with Real Madrid for Kylian Mbappe, but are instead hoping to extend his contract.
After scoring 26 goals in all competitions for Monaco last season, including six in the Champions League, Mbappe has been linked with Europe's biggest sides for months.
Reports in Spain have emerged stating the Champions League winners have secured a deal to sign the 18-year-old, but Goal understands Manchester City are preparing a world-record bid, while Paris Saint-Germain are also interested.
However, Vasilyev insists no transfer is close and says there is a chance he will opt to remain with the Ligue 1 champions.
"I assure you that there is no agreement with a club," he told reporters. "We have very important offers for Mbappe. He is the greatest talent in world football.
"We're discussing a contract renewal with him. I hope we'll get there."
While the France international is being linked with world record offers, there is a chance of an even more expensive transfer occurring during the current window, as PSG are hoping to trigger the €222 million release clause in Neymar's contract.
The possibility of his side's rivals landing such a big player does not worry Vasilyev, who is in favour of the move.
"I think it would be a good thing if Neymar played in Ligue 1. It would be nice for the France," he said.
"It will be difficult for us to defend the title. We know who the favourites will be but we are ambitious."