Craig Shakespeare insists he is unaware of any gentleman's agreement with Riyad Mahrez over a potential Leicester City exit.
Reports this week suggested Mahrez, who penned a lucrative four-year contract extension last August, agreed to stay for the defence of the Foxes' Premier League title if they then allowed him to depart at the end of the 2016-17 season.
Paris Saint-Germain are rumoured to be leading the race to sign Mahrez, who was instrumental in Leicester's shock title win under Claudio Ranieri last term.
But boss Shakespeare says to his knowledge no such verbal arrangement is in place.
"I am not aware of any gentleman's agreement. If they are in place, then we need to be aware of it," he told a news conference ahead of Leicester's Premier League match at Manchester City.
"He was the same Riyad [in training], smiling, enjoying training. He is under contract and happy here."
Another player tipped for the King Power Stadium exit door is Ahmed Musa, who has struggled to make an impact in England since joining from CSKA Moscow.
Shakespeare feels the Nigeria international has to show more consistency to break into the starting line-up.
"He is under contract," he added. "His performances in training, attitude and application have been very good.
"[But] there are players ahead of Musa. He has got to knuckle down. He's found adapting to the Premier League hard. He's shown glimpses, but he has to be more consistent."
Shakespeare confirmed England midfielder Danny Drinkwater is to miss Leicester's last three league matches with a thigh complaint, while centre-back pair Robert Huth (foot) and Wes Morgan (knock) may be unavailable against City.
"We need to give him time to recover from this," he said of Drinkwater's injury. "I can't see him playing this season. [But] it is weeks rather than months."