It broke last week in the Dutch media that Elm had agreed terms with Spurs to move to London in the summer.
But his agent, Carl Fhager, has denied the reports.
"It is not true," he told FotbollsExpressen.se. "It's come out of thin air.
"Rasmus will not make any decision about the future until after the European Championships."
Along with Spurs, Manchester United have also had scouts watching Elm this season - confirmed by his agents earlier this month.