Markovic is widely regarded as one of the best young midfield players in Europe and, at just 18, he is already a key figure for Partizan and is a full Serbian international.
Reports swept Serbia over the weekend claiming that Chelsea and Partizan had agreed a deal and it was only the finer details, such as whether he will move in January or the summer, that needed finalising.
But the player and club have both insisted that no such deal has been agreed.
"I swear on my mother that I really do not know anything about this. On Saturday I spoke with club president Dragan Djuric and he also told me that he knows nothing about Markovic's transfer to Chelsea," Partizan director of sport Ljubisa Tumbakovic told Sportski Zurnal.
"I don't know, he doesn't know. Maybe the journalists have better information than us in the club," he joked.