Internacional president Giovanni Luigi has refuted claims Leandro Damiao is on the verge of a move to Europe, amid speculation linking him with both Tottenham and Paris Saint-Germain.
Damiao, 22, is under contract with the Brasileirão side until 2014 but has been closely monitored by clubs in England, Spain and Italy.
Tottenham tried to sign the Brazil international last summer and he has continued to excel over the last 12 months, scoring 11 goals in 14 league appearances for Internacional this year.
But club president Giovanni Luigi has warned Tottenham boss Harry Redknapp he will not be forced to sell Damiao this summer and envisions the striker staying in Brazil until at least the end of the year.
"For Damiao we never received official offers from Italy, only informal contacts, no proposals on paper," Luigi told Calcio Mercato.
"The only bids were received from Tottenham and PSG, but we rejected them because our intention and hope is to keep the player at least until December 2012."
Earlier in May, a source close to the negotiations revealed Tottenham's failure to qualify for the Champions League next season could see them miss out on Damiao.
"There is still nothing concrete, besides the common conversations," a source told the International Business Times UK. "Internacional wants a very high price for the player, and they have no urgency to sell him.
"Internacional has the highest ambitions to win the national Championship this year, where Leandro has an important role. I wouldn´t bet on it, that he will be sold this summer.
"I can imagine that [Tottenham] missing the Champions League won´t make it easier to buy Damiao. But of course, like we all know, the situation regarding Damiao can change in any moment."
Spurs finished fourth in the Premier League, which would normally guarantee a place in the qualifying rounds of the Champions League, but they dropped into the Europa League because Chelsea took the fourth English place as European title holders.
Tottenham are set to earn in the region of £5m in media rights from Europe instead of a guaranteed £25m from the Champions League. There is also a significant loss in related match day, merchandise and sponsorship income that could see associated costs rise to £35m.
Brazilian Damiao said: "I can't say much, it depends on Internacional too. Of course my wish is to stay, but there comes a time when you need to go, but I don't know whether it is that time. If an offer arrives, then we will decide."
Internacional boss Dorival Junior does not want to sell Damiao but admitted: "We have to get ready. There is nothing concrete yet but it is natural that several players draw attention.
"We will try to anticipate any loss by signing another player to minimise any damage to the team."
Nevertheless, Internacional are unlikely to allow Damiao to leave unless the club receives an offer that triggers his €50m buy-out clause.
"I don't believe that SC Internacional president Giovani] Luigi will let him go for under €25m," the source told IBTimes UK in January.
"There is nearly no chance that Inter will let him go before the summer, because they need him urgently for the upcoming Copa Libertadores. Only if someone pays the €50m [buy-out clause]."