"Someone was bored and released that crazy news. Not only because River can't afford Claudio's contract but also because he is not interested in South America at all," Carlos Delgado told Radio Programas Peru.
"He has a contract with Chelsea and wants to play in Europe. This idea is as crazy as Universitario or Alianza signing (Hernan) Crespo."
Delgado also revealed Pizarro has received several offers to leave Stamford Bridge, but reiterated the player's desire to stay with the Blues.
"He has to decide," Delgado added. "Seven European teams have asked for him and I told them all the truth: Claudio wants to stay at Chelsea and it is pointless to continue talking about a move that will not happen.
"However, he has options. Claudio is free to decide. He is fighting for a place in one of the most important clubs in the world, but at the end he will have to take a decision."