Reported Arsenal target Lucas Silva will not leave Cruzeiro for Real Madrid during the January transfer window, according to club president Florentino Perez.
Silva, whose agent was also contacted by Manchester United during the summer transfer window, has made no secret of his desire to complete his "dream move" to the Santiago Bernabeu.
Real boss Carlo Ancelotti recently confirmed the 21-year-old midfielder was one of a number of players the club were watching in the wake of injuries to Luka Modric and James Rodriguez.
Cruzeiro are demanding a fee of €15m (£12m) for Silva, an offer Arsenal have already reportedly agreed to pay, but Real Madrid have now backed away from negotiations for the time being.
"Unless there are extraordinary circumstances, we will not bring reinforcements in the winter transfer market," club president Perez told Spanish radio station Cadena Ser.
"Right now there are none. If Lucas Silva has to come, it will be in the summer under normal circumstances."
Reports in the Spanish press initially suggested Arsene Wenger's side had matched Cruzeiro's valuation for Silva. But while the Gunners boss is under pressure to bolster his squad in January, he may have to turn elsewhere, with the Brazil Under-21 international set on a move to the Spanish capital.
"Of course I would like to play for Real Madrid, it would be an honour," Silva said in November. "But for that to happen, an agreement between the clubs would need to be put in place first. I'm a Cruzeiro player and have so much respect for my club. If a club like Real Madrid came along, I wouldn't turn them down."
However, Silva, who helped Cruzeiro win the Brazilian championship in 2014, admits he is open to the possibility of remaining at the club for their assault on the Copa Libertadores, which begins in February 2015.