Gareth Bale's agent Jonathan Barnett says it is "ridiculous" to suggest "one of the best players in the world" would leave Real Madrid on loan.
Bale, 30, has been linked with a move from the Bernabeu with Tottenham and Manchester United reportedly keen.
The Welshman, who has a contract until 2022, has scored twice in nine La Liga games this season.
"Why would one of the best players on Earth go on loan? That's ridiculous," Barnett said.
"At the moment, he is going to be playing football for Real Madrid and he has got two-and-a-half years left on his contract.
"He is happy and hopefully he will win a couple of more things with Real Madrid."
The comments come days after betting was suspended on Bale rejoining Tottenham in this transfer window.
There has been growing speculation that the relationship between the midfielder and manager Zinedine Zidane is strained.
Barnett added: "Things can change but loans are ridiculous and there are not many clubs that can afford him anyway."