Tottenham have not had a bid rejected for Nico Paz, according to Como's president.
The midfielder has emerged as a reported transfer target in recent days as Thomas Frank looks to bolster his squad.
However, the Italian club's chief Mirwan Suwarso has poured water on the links between Spurs and Paz.
It had been claimed the Premier League side had seen a £50million bid rejected by Como.
Their interest followed a stunning start to the new Serie A season for Paz on Sunday.
The 20-year-old scored and provided an assist in a 2-0 win over Lazio.
Following the victory, Suwarso has responded to the speculation surrounding the Argentine international.
He told Corriere della Sera: "I'm not in a position to say he could win the Ballon d'Or in the future.
"The transfer rumors about Tottenham? It's not true that we rejected the offer.
"No one formalizes offers knowing that we'd then have to send them to Real Madrid, who have the right to match them.
"There was a moment when we feared Nico might return to Madrid.
"He grew up in Real Madrid's youth academy and dreams of playing at the Bernabeu one day. Luckily, he stayed."
Como signed Paz from Real Madrid last summer on a four-year deal through to the summer of 2028.
The move includes an option for the Spanish giants to match any offers for their academy graduate.
Since completing his switch to Como, Paz has scored seven goals and provided 10 assists in 37 appearances across all competitions.
Meanwhile, Spurs face missing out on yet another transfer target this summer.
Their move for Eberechi Eze collapsed last week after a successful hijack by north London rivals Arsenal.
The Gunners are also set to beat Spurs to the signing of Bayer Leverkusen defender Piero Hincapie this week.
Frank has been able to add six players to his squad this summer after succeeding Ange Postecoglou in the dugout.
His transfer spend of more than £125million includes former loanees Mathys Tel and Kevin Danso joining the club permanently.
Meanwhile, Joao Palhinha has completed a season-long loan switch from Bayern Munich.
Despite their transfer frustrations, Spurs have made a perfect start to the new season with two wins from two matches without conceding.
They followed up their opening weekend win over Burnley by beating Manchester City at the Etihad Stadium on Saturday.
Frank will look to continue his impressive start at home to Bournemouth this weekend.