Riquelme promised to sign Man City striker Erling Haaland on a Spanish TV show on Wednesday night, despite the City striker being under contract until 2034.
Florentino Perez and Riquelme are going head to head in the presidential race, with each candidate making huge promises over the past few weeks as they aim to secure the role.
Riquelme, who also promised to sign Haaland's City teammate Rodri, said: "If I break my promises regarding either of these players, I've signed a guarantee where I'd pay 100% of membership costs for next season.
"Haaland has a release clause, and he wants to come to Madrid."
City have now released a statement reacting to Riquelme's Haaland claim, saying there is "no chance of this happening".
"The stories which have emerged from Spain regarding the future of Erling Haaland are untrue," the statement read. "There is no chance of this happening and there is no contractual clause to enable it.
"We are considering legal action for the use of our player image in this context."
Haaland’s father, Alfie, and agent, Rafaela Pimenta, also denied Riquelme’s claim: “All very entertaining but not true,” they said. “We wish all the best for both candidates in the Real Madrid elections.”
Haaland only signed a new deal at City back in January 2025 and a move to the Spanish capital is extremely unlikely, despite City boss Pep Guardiola departing this summer which may cause a rift in the side.