Florentino Perez insisted Sergio Ramos will not leave Real Madrid on a free transfer after confirming the club's captain is considering a move to the Chinese Super League (CSL).
News emerged on Monday that Madrid star Ramos had reportedly requested permission to join a team in China after meeting with president Perez.
Goal can confirm that Ramos recently met with coach Zinedine Zidane and president Perez to express doubts over this future, but that there was reason to believe he could stay with the club.
The 33-year-old centre-back was believed to be close to joining Premier League giants Manchester United in 2015 before extending his Madrid contract, which now runs until 2021.
Perez was asked about speculation over Ramos and the Madrid boss said he is not prepared to sanction a CSL deal that would see the defender leave on a free.
"They [Ramos and his advisors] came to see me in my office," Perez told Onda Cero's El Transistor.
"They mentioned that he might leave but without a transfer fee because transfer fees in China are very complicated.
"I told him that he can't leave and that we would be speaking to the Chinese club interested in signing him.
"It's impossible to let your captain leave for free, that would be setting a bad precedent."
However, the season ended in disappointing fashion with Real Madrid finishing third in La Liga while the club's Champions League title defence ended in the last 16 with a stunning loss to eventual semi-finalists Ajax.