Ahead of the closure of the summer window, both Premier League outfits are bidding to strengthen their respective squads.
However, according to AG Deportes, they will not be bringing in Gelabert before Monday's transfer deadline.
Despite facing the prospect of limited first-team opportunities, the 19-year-old has no interest in departing the Bernabeu at this time.
Los Blancos are also against parting ways with the attacker, who has less than a year remaining on his contract.
While he is yet to make his senior debut, Gelabert has made 21 appearances for Madrid's second-string side Castilla.