Internacional president Giovanni Luigi has admitted to receiving an enquiry for Chelsea and Tottenham Hotspur target Oscar.
The Blues are understood to be the frontrunners for the signature of the talented Brazilian, with several reports suggesting a deal was already done after the Brazilian club accepted a €25million (£19.8 million, $30.6 million) bid.
Luigi cooled that speculation, saying they had not received any bid for their star playmaker.
"There have been no offers for Oscar and Leandro Damiao," Luigi told Radio Gaucha on Tuesday.
"Internacional have the practice of selling one or two players every transfer window.
"This system has been working and we will keep it, developing players, then finding replacements if they are sold while the window is open.
"So we might sell a player, but right now no offer has been made for any player in the squad."
However, now Luigi had revealed a tentative bid had been received from an unnamed club for Oscar, but said the bid was too low to be considered. "We received an email today, but it's a long way off being done," Luigi told Radio Gaucha.
"The proposal wasn't as good as expected. We think Oscar is worth more than €20million (£15.7 million, $24.2 million).
"It wasn't an offer; it was more like an enquiry. We are only saying that the numbers have to change."
Oscar earlier admitted he is unaware of Chelsea's interest and that he would leave it to his club to decide his future.
"I sincerely do not know news about Chelsea," Oscar told O Globo.
"I know that some European clubs are interested in me but I have spoken with the president, and he insists that they still have not received any formal offer."
