Monaco vice-president Vadim Vasilyev has denied suggestions a deal has been agreed with Real Madrid or any side for Kylian Mbappe.
The 18-year-old striker is in hot demand following his stunning breakthrough season in France.
Arsenal, Real Madrid, Liverpool, Manchester City and Paris Saint-Germain have all been linked with Mbappe.
But Madrid has appeared his most likely destination should he leave Monaco this summer.
Bernardo Silva and Tiemoue Bakayoko have already left for City and Chelsea respectively, and Benjamin Mendy has also departed for the Etihad.
However, Monaco are holding firm on their other stars.
Reports in Spain this week claimed Madrid had agreed a £161million deal for Mbappe.
And Pep Guardiola has refused to rule out City's interest in signing the teenager.
But Vasilyev says contract talks are now underway as they look to tie down Mbappe and stave off interest.
"I will answer only one question," Vasilyev said.
"I read stuff in the press. I assure you that today we have no agreement with Real Madrid or any other club.
"We remain on the same objective.
"We are discussing an extension, which must be in the economic model of our club. I hope we can get there.
"This is an important decision, especially for Kylian. Do not rush. If he does not prolong, must he go? No.
"He is a player that everyone wants, but if he stays next season, everyone will still be interested. There is no link."