Benfica, as well as Arsenal and Everton, have been strongly linked with the Belgian Under-21 international.
The Portuguese giant's interest in the 21-year-old front-man has been confirmed but Duchatelet and the player himself have ruled out the prospect.
"They are one of the teams that are interested in Michy," Duchatelet said.
"But we haven't been negotiating."
Asked if Batshuayi will play the next five months for Standard? He answered: "For sure!"
The player himself admitted that a move to Portugal was not top of his agenda and said: "The Premier League and the Bundesliga are my favourite destinations.
"Benfica is a big club, but I'm not really convinced by the Portuguese league," he told Het Laatste Nieuws.