Real Madrid insist they have no intention of moving for Enzo Fernández after the midfielder's agent revealed he is exploring options to leave Chelsea.
Javier Pastore, who represents Fernández, didn't explicitly confirm Madrid's interest, but suggested a move to the Spanish side was a possibility earlier this week.
Sources told ESPN in May that Chelsea value the Argentina international at £120 million ($160m), although Madrid say they are not interested regardless of the price.
"In light of the information and statements that have emerged in recent days regarding an alleged interest in Fernández, the club wishes to state that it has not made any efforts, either directly or indirectly, aimed at signing the aforementioned player," Madrid said in a statement Friday.
"Furthermore, the club has no intention of pursuing such an operation."
Clubs do not often comment on transfer stories, but Madrid felt compelled to react out of respect for the player and his current club.
"We wish to express our utmost respect for Fernández, a great footballer whose career and quality are widely recognised, as well as for Chelsea, a club with which we maintain an excellent institutional relationship.
"It is out of respect for an institution like Chelsea and the principles of loyalty that have always guided our actions that the club considers it necessary to categorically deny such speculation, which is unfounded and does not reflect reality."
Enzo Fernández is with Argentina at the World Cup. Michael Steele/Getty Images Fernández has a contract with Chelsea until 2032 and the Premier League side would like him to stay, but he has been angling for a move away for a few months.
He was dropped for two matches last season after revealing in an interview in March that he "really likes Madrid."
That decision was criticised by Pastore at the time, but he opened the door to Madrid earlier this week.
"Who doesn't like Madrid?" Pastore said. "Enzo has many friends there. I also live in Madrid."
As things stand, sources have told ESPN that Chelsea currently expect Fernández to report back for preseason as normal following a holiday upon the end of Argentina's participation at the World Cup.
ESPN have previously revealed that Madrid are open to signing another midfielder this summer as they overhaul the squad for new coach Jose Mourinho, with Fernández considered an option.