Sao Paulo's vice-president insists they have not agreed a fee to sell Lucas Moura to Manchester United despite reports a deal is now close.
United have been chasing Lucas all summer and have already seen one bid rejected for the 19-year-old.
Sky Sports sources claimed on Sunday afternoon that the Red Devils had now agreed a fee with Sao Paulo, but the Brazilian club's vice-president Joao Paulo de Jesus Lopes insists that is not the case.
"He will certainly return to Sao Paulo," he told Lancenet.
"There is no negotiation going on. As we have already said it's very hard for him to leave during the current transfer window.
"We have no interest in selling him but Sao Paulo are not stupid. We know that in certain situations you can't say no.
"But such kind of offer hasn't come yet."
The Brazilian Football Federation, meanwhile, says no English club has been in contact about trying to sort out a medical for Lucas during the Olympics.
"We haven't received any request from an English club regarding that," a statement from Brazil's FA (CBF) said to Globo Esporte.
"In case we do receive such a request, we won't allow the player to leave Brazil's training to undergo the medical."
Moura's agent, Wagner Ribeiro, has also insisted it is too early to talk about the player completing a transfer anywhere.
He said: "I don't talk about factoids. This news about the selling of Lucas is not true."
