Real Madrid president Florentino Perez insisted the La Liga champions were yet to enter negotiations with Manchester United over forward Alvaro Morata.
Morata, 24, is believed to be set for a big-money move to Old Trafford this off-season as he looks for more playing time.
But Perez denied Madrid were even negotiating with United yet, while dismissing reports an agreement had been reached.
"I think we're not in negotiations with Manchester United, which is not to say that there are people around you who are talking, which is normal," he told esRadio.
"I have read that we have reached an agreement I do not know how many million times, but it isn't true."
Morata scored 20 goals in all competitions in his first season back at Madrid, but he made just 14 La Liga starts.
The Spain international would give Jose Mourinho a replacement for Zlatan Ibrahimovic, who netted 28 times last season, if he joined United.