Baptista, who spent a season on loan at Arsenal last year, has consistently been linked with a move away from the Spanish champions, with Villarreal and AC Milan also rumoured to be considering bids.
However, a Real spokesman insists the club have not received any formal offers for the Brazilian forward.
"We do not comment about the rumours in the press," a Real spokesman told Sky Sports.
Meanwhile the 26-year-old's agents, Juan Figger and Herminio Menendez, have denied they have been in contact with Spurs.
"We have not spoken with Juande and Spurs about this subject," the pair said in a statement.
"The decision corresponds to Real Madrid and we do not know any other news in the last week."