Shanghai Shenhua hope to agree a deal for Chelsea striker Didier Drogba by next Monday.
Shanghai Shenhua moved to cool rumours in the local media claiming they have completed the signing of Drogba.
Owner Zhu Jun confirmed on Weibo no deal had been struck, but remained hopeful of an agreement.
Shenhua director Zhou Jun said: "Maybe we can complete a deal before Chinese New Year (January 23)."