Real Madrid director general Jorge Valdano says the club will be holding on to striker Gonzalo Higuain.
The 22-year-old Argentina international has been linked with a number of clubs following his good form at the Bernabeu this season, with Manchester City reportedly interested in the player.
Higuain scored a hat-trick for Real against Valladolid in La Liga at the weekend, and Valdano says a new contract is being negotiated.
"The negotiations for the new deal are advanced but without pressure," he told Spanish newspaper AS .
"Real want to be with this man and we want him to finish his career at this club."
Rumours have circulated regarding a transfer after Madrid once more crashed out of the UEFA Champions League at the first knockout stage.
A club statement said: "It is normal that rumours have appeared after the knock-out in the Champions League but we have not received a formal offer for Higuain."
Real are currently top of the Primera Division following their 4-1 triumph on Sunday and their next game is against Sporting Gijon.
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