RB Leipzig sports director Max Eberl says "there is no agreement" between the German club and Manchester City over Croatia defender Josko Gvardiol.
The 21-year-old is valued in the region of £86m and if that fee was paid by City it would make him the most expensive defender in football history.
When asked if a deal had been reached, Eberl said: "A lot has been written and the latest information about Josko surprised us all.
"Currently we're still very far apart."
He added: "As you can see, Josko is here - so it's not true.
"He didn't do a medical check - not that we know. And I don't think he did it behind our backs because he's just a full professional.
"There is no agreement, not even remotely an agreement."
The centre-back has made 87 appearances for the German club since signing from Dynamo Zagreb in July 2021.
Last season he scored against City in the first leg of their Champions League last-16 tie, which RB Leipzig lost 8-1 on aggregate.
He has won 21 caps for Croatia since making his debut in 2021 and helped his country finish third at the 2022 World Cup as well as runners-up to Spain in this year's Nations League.
Earlier in July Eberl confirmed talks were taking place with the Premier League champions but it was understood City were yet to make a formal bid.
Recent reports had suggested an agreement had been reached that would eclipse the £80m Manchester United paid for Harry Maguire in 2019.
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