Real Madrid have said they have "no intention" of pursuing a move to sign Neymar from Paris Saint-Germain.
Reports of Madrid's interest in the Brazilian superstar have increased since the club sold Cristiano Ronaldo to Juventus on Tuesday, but Los Blancos refuted any and all claims in a club statement on Friday.
"In the face of the constant reports linking PSG's Neymar Jr. to our club, Real Madrid C. F. wish to clarify that the club has no intention of making any offer for the player," the statement said.
"The two clubs enjoy an excellent relationship and, as such, if Real Madrid were at any stage to consider securing the services of a PSG player, they would approach the club in the first instance."
On Thursday, Brazilian news outlet Globo Esporte reported that Madrid will be sending their chief transfer negotiator to Santos, Brazil, this week to meet with Neymar's father and inquire about a possible move to the Spanish capital.
Spanish newspaper AS then reported on Friday that in an attempt to ward off Madrid's advances, PSG were willing to give Neymar a pay rise -- potentially to more than Lionel Messi's annual net salary of €40 million.
Madrid's statement is the second this month to deny media speculation over Neymar's future, after they also rejected claims of a €310 million bid on July 2.
Two days later, Madrid also refuted a report of a €272 million offer for Neymar's PSG teammate Kylian Mbappe.