Jose Luis Gaya will not be leaving Valencia for Real Madrid, according to the club's president Amadeo Salvo.
Gaya, 19, has impressed at left-back this season and has reportedly attracted the attention of both Madrid and and Manchester City.
The Spain under-21 international is said to have an €18 million (£12.9m) buyout clause in his current contract and is currently tied to Valencia until 2018. However, Salvo insists that he will extend his stay at the Mestalla in a bid to ward off interest from other clubs.
"Gaya will renew with Valencia, he's not joining Madrid," he told reporters on Friday. "You can quote me on that in your respective newspapers."