Carlo Ancelotti has not been approached to become Real Madrid manager, according to club president Florentino Perez.
The Italian coach has announced his desire to leave French champions Paris Saint-Germain with the Bernabeu thought to be his preferred destination.
However, Perez has claimed it is not a done deal and the club are considering a number of other names to replace Jose Mourinho.
"Ancelotti cannot say he has an offer from Real Madrid because he has not," Perez told Marca.
"There are more coaches than him."
Perez was also asked about potential transfer targets in the form of Tottenham's Gareth Bale and Liverpool forward Luis Suarez.
The Spaniard indicated a deal for the former was much more likely than the latter.
"Bale was born to play in Madrid," he said before saying that a deal for Suarez may not materialise.
"Suarez is a great player and I am sure all in the world would want him. I like him and others too, but it does not always fit."