Everton manager Carlo Ancelotti has dismissed the speculation linking Isco with a January move to the Toffees.
The Spaniard has fallen out-of-favour under Real Madrid boss Zinedine Zidane and he has made just four league starts this season.
Elsewhere, he has been an unused substitute in three Champions League games and this has led to rumours that he could head for a winter exit.
The Toffees have been touted as potential candidates to sign him in recent weeks with reports stating that Ancelotti wants a reunion.
However, speaking to DIRECTV Sports Co, the Italian has denied the gossip and stated that the club have yet to make their winter transfer plans.
“It is not true that I am behind Isco. We haven’t started thinking about the team for the January market,” He told.
Isco has gone out of favour with the national team due to the reduced playing time and that should pave the way for a winter exit.
He needs to find form to return to the Spain squad ahead of Euro 2020 and reports have claimed that he could be available for £18m.
Isco has just over 18 months left on his Real Madrid deal.