The Cameroonian star has been in terrific form for Middlesbrough this season and The Teessiders have made moves to try and seal the permanent signing of the player.
However, Boro have baulked at Real's near £10 million asking price, although talks are ongoing.
Speculation is now rife about Geremi's future and reports on Friday suggested that United were on the brink of agreeing an £8 million deal.
Geremi's UK representative Barry Silkman has, though, reacted to reports that United were set to swoop for the African star.
"Sir Alex Ferguson has not spoken to Real Madrid about Geremi, that is a fact," Silkman told planetfootball.com.
"There are agents who have nothing to do with him, claiming they have and there will be legal action taken if this continues.
"I have the player in England, I am his sole representative and nobody has an exclusive mandate for him not even myself.
"At this point nothing has been decided and it is unlikely anything will be done before the end of the season.
"He is continuing to play for Middlesbrough and he is happy there, and I believe there is every chance he could be back at Real Madrid next season.
"He was never going to decide anything now and will not make a decision until the end of the season."
Red Devils chief executive Peter Kenyon also played down reports of a bid.
"This is pure speculation," Kenyon told planetfootball.com.
Meanwhile, Middlesbrough manager Steve McClaren has admitted that he is still hopeful of securing Geremi's signature.
"We are trying to build a team here which the fans want to watch, we have played some tremendous football this season and have changed things around and want to improve," he said.
"And we see Geremi as part of that and will continue to do what we can.
"He has had a good season and we feel it just speculation about anyone else.
"The fee is always going to be a stumbling block, but he is enjoying his football and we are winning and competing at the moment.
"We are ambitious and he knows that, we would like to think we have a good chance of keeping him.
"But the economics come into at and if he goes out of our budget then that is that."
