The Spanish giants issued an official statement on Friday rejecting speculation over a possible approach for the Chelsea midfielder.
"In view of the reports and statements that have appeared in recent days regarding a supposed interest from Real Madrid CF in the player Enzo Fernandez, the club wishes to state that it has made no approach, direct or indirect, aimed at signing the aforementioned player, and likewise has no intention of pursuing such a deal," the statement read.
Real Madrid used the statement to praise both Fernandez and his current club, Chelsea.
"Real Madrid wishes to express its utmost respect for Enzo Fernandez, a great footballer whose career and quality are widely known, as well as for Chelsea FC, a club with which it maintains an excellent institutional relationship."
The Bernabeu club went further, stressing the importance of the relationship between the two institutions.
"Precisely because of the respect that a club such as Chelsea FC deserves, and because of the principles of institutional loyalty that have always guided Real Madrid's conduct, the club considers it necessary to categorically deny speculation that has no basis and does not reflect reality."
Real Madrid also expressed frustration that the rumours have persisted despite the club's denial.
"Real Madrid regrets that, despite the clarity of the facts and the absence of any action by the club, information continues to circulate that does not correspond to reality and only serves to generate confusion among supporters and cause unnecessary harm to the entities and individuals involved."
Fernandez, 25, joined Chelsea from Benfica in January 2023 for a then British-record transfer fee, and the Argentina international was part of the squad that won the World Cup with his country later that year.
The statement represents one of the more emphatic denials issued by Real Madrid in recent transfer windows, closing the door firmly on any suggestion of a move for the midfielder this summer.