The Bosnian has previously been linked with Premier League clubs Manchester United, Chelsea and Manchester City, Serie A giants AC Milan and fellow Bundesliga team Bayern Munich after a prolific couple of seasons in Germany following his move from Czech side Teplice.
Dieter Hoeness, though, insists Real have not been in contact and is adamant he will not reduce his valuation of Dzeko.
Hoeness told AS: "The price is not a secret - Dzeko is 40 million euros.
"There are many teams interested in Dzeko.
"We have not received any call from Madrid. I myself met (Real president) Florentino Perez and (director general) Jorge Valdano when I went to the Bernabeu to see Real Madrid-AC Milan and it was never mentioned.
"We do not comment on speculation."
His agent Irfan Redzepagic was less circumspect, though, saying: "It would be foolish to say no to Madrid."