A report from Marca on Saturday claimed that the 21-year-old had agreed to extend his deal with Zinedine Zidane's side until June 2023.
However, Alejandro Camano has insisted that his client, who has been strongly linked with a move away from the Bernabeu in recent weeks, is still on a contract until 2022.
"This lacks any basis. The contract with Real Madrid is still the one that we negotiated in 2017 and will run until 2022," Camano told Spox.
The Morocco international has spent each of the last two seasons on loan at Borussia Dortmund, scoring 10 times and registering 17 assists in 65 appearances for the German outfit in all competitions.