Valencia chief Mateu Alemany has left the door open to Rodrigo Moreno leaving this month.
The Spain striker is a target for Real Madrid, where coach Julen Lopetegui is a big fan.
Alemany said: "At present, there are clauses in Spain, I cannot guarantee anything. Our idea is that Rodrigo continues in Valencia."
Rodrigo's contract carries a €120m escape option.
The striker scored in Monday night's LaLiga opener against Atletico Madrid. The game finished 1-1.