Udinese have stated they have not reached an agreement to sell Alexis Sanchez to Barcelona.
Reports in Spain claim a deal between the two clubs had been reached last night, meaning the Chile international and reported Manchester City target would join the European champions.
But a statement from Udinese president Franco Soldati said: "Regarding reports of a possible transfer of Chilean striker Alexis Sanchez to FC Barcelona, I would like to point out that they are not true.
"No agreement has been reached between Udinese and Barcelona for the transfer of this player.
"Moreover, no meeting has been scheduled between the two clubs to discuss such a transfer."
Inter Milan are also in the race to acquire the 22-year-old, who is under contract with Udinese until June 2014.
Sanchez has enjoyed a fine campaign with Udinese, scoring 12 goals to help I Bianconeri qualify for the 2011/12 UEFA Champions League.