Manuel Pellegrini has been linked with a £20million offer for Pepe, but the Manchester City boss does not want to talk about specific transfer targets.
He told a press conference in Hong Kong where City are competing in the Barclays Asia Trophy: "I don't speak about rumours. I think today we have the players we need here.
"I just said that we will see what happens in this month and during August.
"I'm not talking about specific names because it's not better for us, so I don't talk about Pepe or any other names."