Valencia's new sporting director Xabier Azkargorta said Monday that Unai Emery would remain as the Spanish club's coach.
He was reacting to a report in sports daily Marca which said Valencia had offered Spanish coach Luis Aragones, who earlier this month joined Turkish club Fenerbahce after leading Spain to victory in UEFA EURO 2008, a two-year contract.
"Obviously Unai was surprised to see this front-page report, as was I, but Unai is our coach and we intend on working with him," Azkargorta told a news conference after being appointed sporting director and meeting with Emery.
The report in Marca, which did not cite sources, said an agreemeent between Valencia's new executive director Juan Villalonga and Aragones could be reached "over the coming hours" and Emery, appointed in May, would be fired.
Aragones, who is approaching his 70th birthday, signed a two-year contract with Fenerbahce but the newspaper said he could leave at any time without paying a penalty.
Azkargorta coached Espanyol, Sevilla, Valladolid and Tenerife, as well as the national teams of Chile and Bolivia in the past.
Valencia, the winners of the Spanish league in 2002 and 2004, finished in 10th place last season in La Liga, 34 points behind the winners Real Madrid but will take part in the UEFA Cup next season since they won the Spanish Cup.
The club had four coaches last year: Quique Sanchez Flores, Oscar Fernandez, Ronald Koeman and Salvador Gonzalez "Voro".