Bayern Munich will not loan out Renato Sanches this summer, coach Carlo Ancelotti says.
The 19-year-old has been linked to the likes of AC Milan, Chelsea, Manchester United and Liverpool, after moving to Bayern from Benfica last summer.
But despite the midfielder starting only six Bundesliga games last season, Ancelotti said he expects Sanchez to remain with the team.
"On Renato, there's no news," Ancelotti said at a news conference for the Audi Cup ahead of Tuesday's game against Liverpool.
"He's started the season with us and he'll stay with us until the end of the transfer window, on Aug. 31. He played well in our last game."
Sanches played as a substitute in the International Champions Cup games this month against Arsenal, Milan and Inter while also starting against Chelsea.
Ancelotti's comments come one day after Inter Milan midfielder Joao Mario said he had advised his Portugal teammate to join AC Milan.
Looking ahead to the Audi Cup, Ancelotti said: "It's a high quality tournament with strong teams. It's an important test for us ahead of the first competitive match."
Bayern travel to face Borussia Dortmund in the German Super Cup on Saturday.