Real Madrid are interested in Igor Gomes but Sao Paulo have received no official approach for the midfielder.
Barcelona, Sevilla and Ajax have also been linked with a move for Gomes and Sao Paulo's executive director of football Rai acknowledged multiple European clubs have taken note of the 21-year-old's ability.
Madrid have spent heavily on Brazilian talent in recent seasons, snapping up Vinicius Junior, Rodrygo Goes and Reinier Jesus, with Gomes' agent Wagner Ribeiro saying last month he was keen on taking the youngster to Los Blancos.
Asked if there was anything in the links to Madrid, Rai told Globo Esporte: "It's true.
"What we can say is that [Igor Gomes] is a player that is attracting the interest of European clubs.
"But there has been no official contact. It is a reality that he is igniting interest.
"I have already spoken to European friends who have made comments, but that's it."
General manager Alexandre Passaro added: "There was no official approach from Real Madrid or any other club. What we do know is that Real Madrid knows and follows Igor, just as they certainly follow many other young talents around the world, including in our own squad.
"Also due to the possibility that Igor could get a Portuguese passport in the next six months, which would mean he would not take up a foreign player spot in a European club. But there is nothing going on."
A potential arrival at Morumbi could be Edinson Cavani, whose contract at Paris Saint-Germain is set to expire in June and has been touted for a move to Boca Juniors.
Sao Paulo director Diego Lugano, a former Uruguay team-mate of Cavani, said he would try to encourage the veteran striker to join the Brazilian side if he opts to return to South America.
Rai would not be surprised if such discussions took place, but he clarified there is no offer in the pipeline.
"Lugano is close to him because they are the same nationality, they are friends," said Rai.
"The position is as follows: if there is any possibility, which is very difficult, for Cavani to come to South America, the possibility for Cavani to talk to Lugano, as he will have done many times, is huge.
"But at the moment Sao Paulo are not thinking about it and cannot afford it."
Passaro added: "Since the signing of Ronaldo [by Corinthians in 2008], there have been many signings in Brazilian football that many people did not believe in in the beginning, and then they become viable.
"But I think the big difference, what we have to make very clear, is that at the moment there is nothing."
The duo also stated the door is open for Miranda to re-join Sao Paulo when his contract at Jiangsu Suning expires next year, while they hope to hang on to Antony, who agreed to join Ajax in a deal worth €21.75m in February, beyond June.