Chelsea chief executive Peter Kenyon insists Germany captain Michael Ballack is not for sale.
Ballack joined Chelsea from Bayern Munich in 2006
Real Madrid coach Bernd Schuster has hinted he could try to resurrect a move for the 30-year-old midfielder if he drops his wage demands.
But Kenyon said: "We should kill that one, not just for now but for January. There have been no discussions."
Kenyon also insisted Ballack's absence from Chelsea's Champions League squad was solely down to the player's injury.
Ballack, who underwent ankle surgery in July, admitted he was disappointed to be left out, a decision which means he cannot play in Europe before the knockout stages begin in February.
But Kenyon said: "There is no confusion, absolutely no confusion. The German medical team, our medical team and the player all know what the situation is.
"There's been several huge and incorrect misinterpretations going on with regards to Michael Ballack.
"The situation is very clear, he's injured. He's been injured for close to five months and he's still injured.
"Our only concern as Chelsea is getting him back fit to start playing, initially for Chelsea and then for Germany.
"It was unclear and it is still unclear when he will be available to return to play football.
"There is no misinterpretation, there is no different diagnosis and 100% agreement on his rehab. Michael is fully aware and has bought into that situation."
Ballack was linked with a move to Real as soon as fellow German Schuster took over as manager in the summer.
Schuster claimed talks did take place and he told Kicker magazine: "The door is not closed, but it's essentially a question of money.
"His Chelsea contract is extraordinary, no Real player is paid like him and we don't want to set a precedent."