The 22-year-old former Liverpool trainee, who is out of contract in June, has impressed for Stanley this season, scoring 11 goals in 49 appearances including a hat-trick against Barnet on Saturday.
Talks over a new deal have been postponed but if no new contract can be agreed Ryan would be free to leave the club, although the Crown Ground side would be entitled to a fee as he is under the age of 23.
On the link with Zaragoza, Accrington assistant manager Jimmy Bell told the Lancashire Telegraph: "Jimmy's heard nothing about it. It's just paper talk. We've got a fair idea where it's come from.
"We will be offering Jimmy the best contract we possibly can."
Regarding the amount of compensation Stanley would receive if Ryan chooses to leave, Bell added: "If it goes to a tribunal I'd think we'd be looking at up to £750,000, certainly in excess of £500,000."