Premier League champions Manchester City have been linked with the 24-year-old with reports in Portugal suggesting negotiations over a £47million deal were at an advanced stage.
But sources at the Etihad have poured cold water on suggestions they are keen on the player and insist they have made no contact with Sporting over the midfielder let alone tabled an offer.
Fernandes, who has 11 caps for Portugal, has a buyout clause of £86million but suggestions were that £47m and players to make up the money could have swung a move.
Manchester United are understood to have made inquiries about the Portugal midfielder last month and may resurrect their interest now City have no intention of bringing him to the Etihad.
City are however keen to bring in midfield additions this summer with Ilkay Gundogan’s future uncertain and Fernandinho now 34.
The Brazil midfielder has struggled with injuries in recent weeks and leaves a big hole to fill when not available.
City are expecting be fairly active this summer with at least one midfielder, a defender to replace Nicolas Otamendi, possibly a left-back and another forward on the agenda.
City go into the final week of the season in the driving seat for the Premier League title knowing victory away at Brighton will seal back-to-back championships.