Real Madrid have denied suggestions that coach Fabio Capello has offered to resign.
Spanish media had reported that Capello had handed in his notice and his final match in charge of the team would be tomorrow's Champions League fixture with Bayern Munich.
However, Madrid board spokesman Miguel Angel Arroyo dismissed the report as a 'rumour' during a press conference at the Bernabeu stadium.
He said: 'It is a rumour. Fabio Capello has not presented his resignation either verbally, or in written form.'
Arroyo admitted the board were disappointed to see such a story surface just 24 hours before the club's crucial last 16 first leg against Bayern at the Bernabeu.
'We were surprised when we saw it, because this certainly doesn't contribute to the climate of serenity and unity that we hoped for before such an important game as tomorrow's against Bayern.
'They are negative reports, to which we express our surprise and dismay.'
However, Arroyo refused to confirm whether Capello would definitely be in charge for this weekend's derby at Atletico Madrid.
'There are few things in this world that can be guaranteed,' he said. 'But I guarantee that the board have certainly not received any resignation.'
Capello has come under fire following a series of poor results, which saw Madrid lose three out of four games either side of the winter break, before suffering an embarrassing home defeat to struggling Levante a fortnight ago.
Madrid fans called for Capello and club president Ramon Calderon to resign during the Levante match, but the board publicly voiced their support for the coach in a press conference the following day.
The Madrid faithful were again left frustrated on Saturday when their side were held to a disappointing goalless draw at home to Real Betis, but Arroyo insisted the board had not withdrawn their support for Capello.
'We maintain the same attitude with respect to him that we had previously,' he said.
Madrid are fourth in the Primera Liga standings with 42 points, four less than joint leaders Barcelona and Sevilla.