Villarreal president Fernando Roig said the club will not be selling Denis Suarez in the January transfer window.
Suarez moved to Villarreal from Barcelona in the off-season, and the Spanish champions confirmed there is a possibility they could re-sign their former player.
The 21-year-old has been a key figure for Villarreal this season, scoring three goals and providing five assists in 13 La Liga appearances.
However, Roig has assured Suarez will be a Villarreal player at least until the end of the season.
"There is an option for the summer, at the end of the season, but not until then," he said.
The president also said the club are looking at the possibility of bringing Denis Cheryshev back to the club.
Cheryshev, who is under contract at Real Madrid, spent the 2014-15 season on loan at Villarreal.
The Russia international made 40 appearances for the club in all competitions but has struggled for game time under Rafael Benitez at Madrid this season.
Roig did not rule out a move for the 25-year-old either in January or at the end of the season.
"[Cheryshev] is also liked by our coach, and if we could get him, he would be a great help," he said.
"We may try to sign him and we will soon see what happens.
"If there's someone who could help a lot we will do it, but we think that, in general, we have a great squad."