Marc Roca has a release clause in his contract but Bayern Munich have not made an offer to Espanyol, according to the Bundesliga champions' chief executive Karl-Heinz Rummenigge.
Midfielder Roca was a key part of the Spain side that triumphed at the European Under-21 Championship.
He has been linked with leaving Espanyol following the tournament and Bayern have reportedly made an offer for the 22-year-old, having missed out on initial target Rodri.
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Rummenigge, however, denied that Bayern had a bid rejected for Roca.
"There has been no contact or negotiation with the club," Rummenigge told reporters.