Lierse SK, who have been recently promoted to the Belgian first division, didn't make an offer for Shikalaba and Zamalek have no intention of letting the playmaker go, the Cairo club said.
Lierse owner Maged Sami told Modern TV on Saturday that he wanted to acquire the talented midfielder on a part-exchange deal that would see Akwetey Mensah move in the opposite direction.
But Zamalek quickly denied receiving a bid for the in-form Shikalaba, saying they are seeking to extend his stay.
"We haven't received any tangible offers for Shikabala and the player is committed to his contract with us," Zamalek spokesman Alaa Mekled told FilGoal.com.
"Actually we are trying to offer him a new deal. Of course we are not planning to sell him."
Egyptian businessman Sami referred that Shikabala could join Lierse on a free transfer in the summer of 2011 as his current contract with Zamalek runs out at the end of next season.
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Shikabala going nowhere - Zamalek