Valencia president Juan Soler insists Chelsea have not made an offer for Spain striker David Villa and warned any interested clubs they will have to start negotiations at £100million.
Reports in the English press on Tuesday morning suggested Villa is at the top of Jose Mourinho's wish-list during the January transfer window but Soler is adamant Los Che will only let him leave if the player's buy-out clause of £100million is met.
Soler said: 'Officially we have not received any interest or an offer from Chelsea for Villa.
'I met (Valencia sporting director Amedeo) Carboni this morning and he didn't mention anything regarding any possible interest from Chelsea for our striker.
'We have heard rumours but that is all it is.
'We have no intention of selling him. But should any club be interested, they could sit down and negotiate his buy-out clause, which is currently worth €150million (£100million).'
Villa scored 25 goals in La Liga last season and was reportedly the subject of a failed £15million bid from Chelsea in the summer.
The 24-year-old, who has struck five goals in 12 league appearances this campaign, is under contract at the Mestalla until June 2013.
'Villa is a crucial player for us now and in the future,' added Soler.
Chelsea sporting director Frank Arnesen is currently in Valencia with the Premiership champions' youth team, who play a friendly against their Valencia counterparts on Wednesday.
Arnesen insisted he was unaware of any interest in Villa when quizzed on the subject by the Spanish media.
He said: 'I don't know anything.
'That is an issue of the first team and those matters are dealt with by coach Jose Mourinho and chief executive Peter Kenyon.'
Arnesen, a former Valencia player, admitted he was a fan of Villa, but insisted the Blues already possessed a strong squad.
'He is a very good player, but at Chelsea we already have very good players,' he added.