At just 25 years of age, the France international has won just about every major honour available to him in his current surroundings.
Varane is also a World Cup winner and a man with over 260 appearances for Real to his name.
It has been suggested that he is open to taking on a new challenge and chasing down fresh goals in a different country.
That has led to suggestions that Premier League and Serie A heavyweights could be keen, with United and Juve both in the market for long-term additions at centre-half.
Madrid, though, have no intention of parting with a prized asset, with Goal revealing that a €500 million (£429m/$560m) release would need to be triggered in order for a deal to be done.
Club legend Butragueno, who is now director of institutional relations at the Santiago Bernabeu, has said of the Varane exit talk: “Varane is very, very important.
“He has been at the club for a long time, he has given a lot and he will keep giving a lot to Real Madrid.
“We'll see, but he is a Real Madrid player and he wants to remain that way.”
Varane is tied to a contract with the Blancos until 2022.
His current boss Zinedine Zidane, under whom he has enjoyed much of his success in Madrid, has already moved to play down the speculation surrounding a fellow countryman.
He has said: “I don't want him to go. None of us want him to leave.
“He's still young, he's been here for eight years, and he's doing well. It's life, but he seems fine to me.
“He hasn't said anything about wanting to leave. But if you know something I don't…
“What counts is what the player tells me and right now he is at the best club in the world. He has won a lot here and he seems okay to me.”