Monaco insisted on Wednesday that no deal with Real Madrid has been reached for teenage French international striker Kylian Mbappe.
Monaco vice president Vadim Vasilyev also said in a press conference the principality club were in discussions with Mbappe over a new contract extension.
The 18-year-old has been the subject of intense transfer speculation linking him to a world-record 180-million-euro ($210m, £160m) move, with Spanish sports daily Marca reporting on Tuesday that a fee had been agreed between Real and the French Ligue 1 champions.
“I have read a lot of things in the press,” said Vasilyev.
“So far we have not signed any agreements with Real or any other club. All big clubs want him, he’s the great hope of European football.
“We are in discussions over a contract extension with Kylian and we hope to reach an agreement.”
When pushed further on whether Mbappe, whose current contract runs until 2019, would leave or sign a new deal, the Russian said: “No, he should not go.
“Why should he do it? He is a player that everyone will want, even if he has a year left, everyone will be on him.”
Mbappe burst onto the scene last season as he helped Leonardo Jardim’s side claim their first French league title since 2000 and reach the Champions League semi-finals.
The pacy forward scored 15 Ligue 1 goals and six in as many starts in Europe, all of which came in the Champions League knock-out stages.
Having been linked with possible moves to a host of top clubs, Real had appeared to be on the brink of getting their man.
But Vasilyev insisted that Mbappe needed to be given time to make a decision of that magnitude at such a young age.
“There is too much media pressure around him,” he added.
“It’s not easy for him, but he handles it well… We want to take the time to chat quietly with the player and his family.
“You have to give him time, do not rush things too fast.”
Mbappe has been wooed so hard by some of Europe’s top clubs that Monaco raised the red card and warned the circling predators that they could be reported to Fifa, world football’s governing body.
“Top European football clubs made contact with Kylian Mbappe and his entourage without our authorisation,” Monaco said on their website on Tuesday.
Mbappe is one of two players who is reported to be close to a world-record breaking move, with Monaco’s Ligue 1 rivals Paris Saint-Germain hoping to seal a 220-million-euro capture of Brazilian star Neymar from Barcelona.
“I think it would be a good thing if Neymar played in Ligue 1, it would be great for France,” Vasilyev said.
Portuguese coach Jardim has already lost several key players that helped his young side to their amazing successes last season.
Portuguese attacking midfielder Bernardo Silva left for Manchester City, before being followed to the Etihad Stadium by full-back Benjamin Mendy, as he became the most expensive defender of all-time for £52 million.
Defensive midfielder Tiemoue Bakayoko also moved to the Premier League to join champions Chelsea, while forward Valere Germain was snapped up by Marseille.
At the press conference Monaco unveiled their own new close-season recruits though, including former Switzerland goalkeeper Diego Benaglio and Belgian international midfielder Youri Tielemans.
And Vasilyev insisted that the club would continue to look to youth to provide success.
“We will not change our goals,” he said.
“We are talking about progression and moving forwards, but always in the economic interest of the club, I hope we can do that.”
Spanish media reported that Madrid had agreed a world record fee of 180 million euros.