The Frenchman is currently in his second season with the European champions and has already made 66 appearances in all competitions.
However, the 20-year-old has yet to cement a regular starting role. He averaged just 40 minutes per outing during that period under manager Carlo Ancelotti.
There was recent speculation that Arsenal and Chelsea could try to sign him on loan this month, but his agent Joshua Barnett dismissed the claims.
He exclusively told Fabrizio Romano: “There is no truth. Of course every club in the world would want him, but he is very happy at Real Madrid and Real Madrid is very happy with Camavinga.”
The news will come as a blow to the London giants, who are looking to strengthen their defensive midfielder before the end of January.
Chelsea initially failed to make an approach to sign Enzo Fernandez from Benfica, while a bid for Moises Caicedo from Brighton & Hove Albion was withdrawn.
The option of Camavinga has also been ruled out and they may have to look for a new midfielder before the transfer window closes.
Arsenal are not pursuing any other targets at the moment. It seems that after the failure on Mykhaylo Mudryk, they secretly do their business.
The club recently secured the signing of Spezia defender Jakub Kiwior. The transfer came out of the blue with no speculation in the following days.
Both London clubs should be active in the coming days as they look to strengthen their squads for various targets in the second half of the season.
Chelsea will be looking to close the gap on the top four of the Premier League. Arsenal will be chasing the league title, which seemed unlikely at the start of the season.