Athletic Bilbao president Fernando Garcia Macua insists Fernando Llorente will not be allowed to leave the club.
• Ronaldo welcomes Llorente rumours
Llorente, 25, has been linked with a number of clubs around Europe but Real Madrid had appeared the most likely destination, with Cristiano Ronaldo saying last week the Spain striker "has the features that the coach is looking for".
However, Macua has spoken out against the continued speculation over Llorente and insists the player will not leave the club while he is in charge.
"He is not going to leave here while I am the president of the club," he said. "We know the will of the player is to continue for a long time with Athletic Bilbao. We are fed up with the rumour mill on this issue."