West Ham co-owner David Sullivan insists the club have yet to receive an official approach for Scott Parker but would consider loaning the England international out for the season.
The 30-year-old reigning Football Writers' Association Footballer of the Year has been linked with a shot of Barclays Premier League clubs following the Hammers' relegation to the npower Championship.
Parker has admitted he would like to remain in the top flight in order to keep alive his England career, leading to reports linking him to the likes of Arsenal, Aston Villa, Tottenham and Chelsea.
The latter have been hit this week by the news Michael Essien will be out for the next six months and reports have suggested they are considering a loan move for the West Ham midfielder.
Parker, who played for the Blues between 2004 and 2005, has reportedly been lined up as the Ghanaian's replacement and, while Sullivan insists there has been no contact, he says a loan deal would suit the Hammers.
"We have had no approaches from any club officially," he told Sky Sports News.
"We keep hearing rumours and I would be wrong to comment further.
"I have not spoken to Scott myself. I think he has indicated and his agent has told me for his England career that he would like to play in the Premier League.
"But if we can't get the right fee for him I think he accepts he will be playing for West Ham next year in the Championship.
"He is a supreme professional and I am sure he will do a wonderful job whether he is with West Ham or somebody else.
"I mean we would love a deal - and this has been mooted - that maybe we loan him out for the season for a substantial fee and then when we get promotion he comes back to us.
"That sort of deal would appeal to us because we love Scott.
"We would obviously want a loan fee because he has substantial value and has three or four years left of his career.
"They would probably be getting the best of those three of four years.
"He is at the absolute peak of his game at the moment and is playing out of his skin.
"He would be a superstar wherever he goes and in the Championship he would be the best player."
Sullivan admitted that two or three players have indicated that they would like to leave Upton Park this summer and would be allowed to go if the club were offered an acceptable fee.
England striker Carlton Cole is one such player that could leave east London after a fee was agreed with Stoke over a potential move.
While West Ham wait for Cole's decision, Sullivan promises reinforcements will be brought in to replace outgoing stars.
"The ball is in Carlton's court," he added. "It is a question of whether he wants to go or whether he wants to stay.
"You're very much in the hands of players. Two or three players have indicated they would like to leave the club and if they get moves that are acceptable to the club then we cannot stand in their way.
"We will then bring in replacements, so a lot depends on who comes and who goes.
"I think people will expect to get them on the cheap but we will be realistic.
"We will not put valuations on players that are completely unrealistic.
"One or two players we will virtually give away who are on quite high wages and don't want to be at the club and don't think fit in with our formation.
"But other players, if we don't get a substantial fee, will be starting the next season with us."