The Argentine striker has just 12 months left on his current contract and it had been thought the club would be willing to let him leave next summer.
However, chief executive Shaun Harvey insists there is nothing in the reports and that Leeds remain committed to retaining the player.
The Boca Juniors youth product has scored 36 goals in two seasons since arriving from Spanish club Merida and is a firm fans' favourite.
"The story's completely untrue," Harvey told the Yorkshire Evening Post. "We're committed to trying to keep him at the club."