Recent reports suggested that the 22-year old French-born Senegal left-back was soon to be on his way to the Portuguese giants but Fernandes has diffused that speculation on Twitter.
"I am not sure where these rumours are coming from," he posted.
"We are building a squad. Not selling. Armand Traore is a very important player to QPR."
Traore arrived at Loftus Road from Arsenal last summer and made 23 appearances for the West Londoners in his debut season with the club.