Athletic Bilbao insist Fernando Llorente will not be sold next month.
A switch to the Premier League has been widely touted, with the likes of Arsenal, Liverpool and Manchester United said to be keen.
"This player makes our team more competitive and his future will be decided by the club," said Bilbao president Josu Urrutia.
"At the moment we need to maintain the quality level within our squad, not reduce it.
"Llorente will stay with us until the end of the season."