Eddie Howe says there is no way he would contemplate letting defensive midfielder Bruno Guimaraes leave Newcastle United for Real Madrid.
The Brazil international, 24, has recently been linked with a move to the La Liga and European champions, who see him as a potential replacement for Manchester United target Casemiro.
Guimaraes arrived in January from Lyon for £35m with £6.6m in add-ons.
Howe said he was building a team to be successful "over the next few years".
He added: "We want to build that squad and enhance the group, not take away our best players.