Calhanoglu has been a revelation for Hamburg in his debut season for the club, despite their struggles in the Bundesliga.
The 20-year-old has scored ten goals this term and his form for Hamburg has alerted a host of Europe's top sides to his potential.
The likes of Chelsea, Arsenal, Liverpool, Juventus and Atletico Madrid are all thought to be chasing Calhanoglu after watching him in action this season.
Calhanoglu recently signed a new deal at Hamburg to keep him at the imtech-Arena until 2018 and Hamburg general manager, Oliver Kreuzer, insists they have no plans to sell the Turkish international.
"Selling Hakan is definitely not an option," Kreuzer told Hamburger Morgenpost.
The player's agent, Bektas Demirtas, has also played down talk linking Calhanoglu with a move away from Hamburg by saying the player is happy at the club.
"We have not been receieving official enquiries from any club with regard to Hakan's future," noted Demirtas. "Nothing serious, no single club.
"There is also no reason as Hakan wanted to sign a long-term deal at Hamburg in February.
"He feels at home at the club. Any action is therefore up to the club.
"We would only start considering if Hamburg start negotiations with another club."