Real Madrid president Florentino Perez has insisted that Gareth Bale is not for sale at any price.
The Welsh winger has been heavily linked with Manchester United in recent weeks, while reports have also suggested that Chelsea failed in an audacious £100m bid for the former Tottenham Hotspur man.
However, Perez revealed that the club had not received any offers for the 25-year-old, stressing that he would "never leave" the reigning European champions.
"We have not received an offer from Manchester or any other club for Gareth Bale," Perez told Spanish paper Marca.
"Just as I can't imagine Real Madrid without Cristiano Ronaldo, I can't imagine Real without Bale either. Bale is a key player. He has already done so much for the team and is a key part of our club's future.
"Every club knows that Gareth Bale will never leave Real Madrid and that the club will not discuss their star, no matter how much is offered."
Bale scored in both the Copa del Rey and Champions League finals during his debut season in Spain, helping the club to a cup double.
In all, he has scored 33 goals in 66 appearances for the Spanish giants since joining in a world-record deal last summer.
