Real Betis coach Quique Setien believes Dani Ceballos would benefit from staying another season at his club before playing for Real Madrid.
Marca reported that the Spanish midfielder, who is also a target of Barcelona, will sign a six-year contract with Real Madrid this week with the La Liga champions set to pay €18 million -- €3m more than his release clause -- to prise the 20-year-old away.
However, Setien told his club's website: "All the media say it's a done deal but I have not received an official notification.
"There are still many uncertainties to resolve and we will see how it ends. He is very important for us.
"Ceballos is a player of an extraordinary level. That is why all the top clubs in Spain and possibly abroad want to sign him. I know he can give us many things."
Local reports recently claimed that Ceballos would sign for Real this summer but spend the 2017-18 campaign on loan at Betis, a deal that would please Setien.
"Our interest in him staying is obvious," he said. "I've tried to convince him, to transmit the enthusiasm that we have for this new project that we are about to embark on. He is still young enough to spend another year here... having the possibility to grow even more and understand many more things that I believe we could help him with.
"This year of transition for him would be very good even if he had a contract with another club. I don't know if this will be possible.
"It's something I told him and we shall see."
Voted the Most Valuable Player at last month's European Under-21 Championship, Ceballos, who is contracted to Betis until June 2020, has attracted the attention of top clubs after making 24 league starts in the 2016-17 campaign.
His relatively modest release clause makes him a tempting target for a big club.
"The truth is that he is the one that has to decide," Setien said. "For the time being, I'm counting on him.
"If we could still have him, it would be phenomenal, if not we will have to count on other players and try to do well."
Setien, who guided Las Palmas to a 14th-place finish this past season, replaced Victor Sanchez del Amo at the helm of the Andalusian club when signing a three-year contract in May.