Rangers sources suggested their west London rivals had accepted a bid for the wantaway Brazilian but the Blues later insisted that was not the case.
QPR had an offer rejected earlier this week but reportedly returned with an increased bid they appeared to believe would allow them begin discussing personal terms with the 29-year-old.
However, a Chelsea spokesman said this afternoon: 'I can say at this time there is no agreement between the clubs.'
Manager Andre Villas-Boas added: 'I'm sure that the clubs can reach an agreement if they continue to push.
'We know Alex's market value and we're just not going to let him go quite easily, not that QPR's offer is far, far off.
'He is a player that has attracted a lot of interest from Premier League clubs and from abroad.'
Even if a fee is agreed, convincing Alex to join QPR is far from a formality amid reports he may no longer wish to remain in England.
Alex, who has also been linked with Paris St Germain and Juventus, was banished from Chelsea's first-team squad in November after submitting a transfer request.