Gareth Bale will "never leave" Real Madrid, according to the La Liga club's president Florentino Perez.
Welshman Bale, 25, joined Real from Tottenham for £85.3m in 2013 and has been linked with a move back to the Premier League with Manchester United.
"We have not received an offer from Manchester or any other club for Gareth Bale," Perez told Spanish paper Marca.
"Just as I can't imagine Real Madrid without Cristiano Ronaldo, I can't imagine Real without Bale either."
Forward Bale scored in both the Champions League and Copa del Rey finals, as he won a cup double in his first season at the Spanish club, as well as finishing third in La Liga, three points behind champions Atletico Madrid.
"Bale is a key player. He has already done so much for the team and is a key part of our club's future," added Perez.
"Every club knows that Gareth Bale will never leave Real Madrid and that the club will not discuss their star, no matter how much is offered."
With the January transfer window about to open, United manager Louis van Gaal was recently asked about the prospect of signing Bale.
"I cannot discuss that with you," the Dutchman said. "I discuss that with my CEO and not with anyone of the media."