Nicolas Otamendi has had a resurgence under Pep Guardiola this season and has been pivotal in Manchester City’s march toward the title.
The Argentina international has been an ever-present at the back and chipped in with four Premier League goals already this season.
His fine form is said to have caught the attention of Real Madrid who are keen to bring the former Valencia man back to Spain.
However, Don Balon claim the La Liga champions have been told the 29-year-old is not for sale.
The report says Florentino Perez had hoped to sign Otamendi as a defensive partner for Sergio Ramos.
But the Real president has been forced to turn his attention to others targets on his shortlist, including Leonardo Bonucci and Chelsea centre-half David Luiz.
City have also reacted to the interest in Otamendi by tying him down to a new contract this week, keeping him at the Etihad until 2022.
Speaking about the new deal, the Argentine said: “I’ve enjoyed my time at City since the first day I arrived.
“I’m really happy to have extended my stay here by a couple more years,” he said.
“My only aim is to help the team and give all I can for this club.
“I am learning every day under Pep and enjoying my football and I feel I can still improve as a player
“I’m a family man who enjoys being at home and I love living in Manchester, you sort of get hooked by it.
“It’s a very beautiful city and I’m very happy here.”