Wolfsburg sporting director Klaus Allofs explained to German daily Kicker that a deal was progressing but is not yet done.
"Some papers already announced the deal is done, but that's premature," said Allofs.
"We can't announce a deal yet and we aren't in a desperate mood, though we would not be talking to Chelsea, if we had totally opposing views."
Allofs did admit that if De Bruyne does leave, as expected, then it will only be for Wolfsburg.
"The matter of which club Kevin would move to - unlike before Christmas - is no longer doubtful - that will be the VfL [Wolfsburg]."
Allofs insisted they were moving for De Bruyne in order to enhance their squad.
"It is an attempt to make us a better team. If it succeeds, it is not the decision against one of our players. We are strong enough without De Bruyne."
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