Real Madrid president Florentino Perez has denied reports that star striker Cristiano Ronaldo has rejected a new contract from the Spanish club.
Madrid sports daily AS claimed that talks over a new deal for the Portuguese star were "deadlocked".
But with Ronaldo's current deal due to expire in 2015 and his renewal thought to be one of Perez's main targets as he begins a new four-year term in charge, he rejected the claim that talks had broken down. (Also read: Zidane not yet ready to coach, says Perez)
"This information is misguided," Perez told Spanish television on Monday night.
"I am not going to enter into more details but I will only say that Cristiano's renewal is not deadlocked, this doesn't correspond to the reality as we stand today.
"I don't know if we will renew him tomorrow, the day after or another day but as of today it is not deadlocked."
Perez, who was formally re-elected as president on Sunday when no other candidates came forward to stand for election, even went as far as to say he hopes the 28-year-old remains at Real for the rest of his playing days.
"I said before that Cristiano is the best player in the world and that, therefore, he should be the best paid.
"I don't know if Madrid fans are worried about his future but Ronaldo has two years left on his contract and we want him to retire at Real Madrid.
"I am convinced that he will stay here for many years and if they want to stay calm, I say to them that we will win 'La Decima' (Madrid's 10th European Cup) with Cristiano Ronaldo as a player and I hope as soon as possible."
Meanwhile, Perez also insisted that Madrid must continue to demand the highest standards of themselves as he was sworn in as president during a ceremony at the club's Santiago Bernabeu stadium on Tuesday.
"Today begins a new chapter for Real Madrid," he said.
"Madrid fans are nonconformists, even in victory.
"In the past few years we have grown and improved, but we are anxious for more.
"We have a team full of talent, hunger, devotion and a technical team at the level which we demand."
However, the 66-year-old didn't address when an announcement on the club's new manager would be made.
Jose Mourinho's three-year reign in charge of Madrid came to an end on Saturday and the Portuguese has since signed a four-year deal with Chelsea.
Paris Saint-German boss Carlo Ancelotti and outgoing Bayern Munich coach Jupp Heynckes have both been heavily linked with the job.
However, Heynckes confirmed on Tuesday that he will take a year out of the game after guiding Bayern Munich to a historic treble of Champions League, Bundesliga and German Cup.