Athletic Bilbao president Fernando Garcia Macua insists Liverpool have not made an offer for Fernando Amorebieta.
Reports suggest the Premier League club have made a 12million euro bid for the Venezuela-born defender.
However, Macua claims no mention was made during any of the talks as they completed the loan signing of Mikel San Jose from Liverpool and insists Amorebieta is not for sale.
"There is nothing at all to this," he said. "This offer does not exist and we are not thinking about his value.
"It is nothing more than a made-up story.
"What we are hoping to do is shape a young team with a lot of potential to compete.
"The fact that we are playing European competition is an incentive for top-level players to come into our project and that also means keeping among our squad players such as Fernando."
Amorebieta has become a key player during his four seasons at the San Mames and has a 50million euro release clause.
The 24-year-old was called up by Spain boss Vicente del Bosque last year but has yet to make his international debut.Reuse content