Chelsea have denied that they have agreed a fee with QPR for the sale of defender Alex.
Rangers sources suggested on Saturday morning their west London rivals had accepted a bid for the wantaway Brazilian but the Blues later insisted that was not the case.
A Chelsea spokesman said: "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.
His signing would represent another coup for ambitious Rangers after they convinced Mark Hughes to succeed Neil Warnock as manager on Tuesday.
As well as having a previous bid for Alex snubbed - reportedly £3million - they have had offers turned down for Andy Johnson, Christopher Samba, and Steven Pienaar.