Real Madrid turned down a €180 million (A$285 million) offer for Marco Asensio, according to the midfielder's agent Horacio Gaggioli.
Asensio has endured a disappointing campaign, starting just 20 of Madrid's 42 La Liga and UEFA Champions League matches, which has led to speculation that he could leave at the end of the season.
Liverpool and Juventus are both rumoured to be interested in the Spain international, but his representative insisted neither the player nor the La Liga club are keen on a transfer.
"Over the last year there have been offers as high as €150 million and €180 million, but Madrid did not want to listen to them," Gaggioli told ESPN. "There is always interest in Marco from other big clubs, seeing if he wanted to leave, which is normal for the player he is.
"But he always says that he is very happy with Madrid, is only interested in being a success there. He is still a young kid, improving all the time, and the club is very happy with him too."
Madrid have sacked two head coaches in a hugely disappointing campaign and re-appointed Zinedine Zidane, who guided the capital club to three successive Champions League crowns, in a shock move last month.
Asensio has started five of Zidane's six matches in charge and continues to be a regular for Luis Enrique at international level, playing a full part in both of March's UEFA Euro 2020 qualifiers.
"This year it has been difficult for everyone at Madrid, it has not been a good year for anyone at the club," Gaggioli said. "These things can happen in football - the whole team dropped their level, not just Marco.
"Maybe there was more a focus on Asensio as he had shown such a high level before, there was lots of expectation, and it has not worked out this year. But on an individual level it is not easy if the team is not playing well.
"It does not matter who you are, whether you are Lionel Messi or Diego Maradona. But Marco has played well with Spain, has become a regular with the senior international team.
"He is just thinking now about next season, and winning things again with Real Madrid."