Valencia technical secretary Juan Sanchez told Spanish newspaper Marca: "He's our player, he's under contract, and the coach is counting on him. We're very calm and we've received no offer for him."
Valencia president Agustin Morera added that rather than being worried by Villa's eye-catching performances with Spain, the club should be proud of their player's achievements.
He said: "He's an icon who so far has managed to score four goals in the European Championship, something which very few players in the history of football have managed.
He also brushed off speculation linking Villa with a move away from the Mestalla after Euro 2008, saying: "There are offers for Villa every season."