Real president Florentino Perez said on Wednesday that Spain defender Ramos had asked to leave on a free transfer and move to the Chinese Super League.
"It is true that I have an offer from China on the table, I will not lie about it," said 33-year-old Ramos, who has been at Real since 2005 and whose contract expires in 2021.
"My dream is to retire here."
Perez said Ramos and his agent told him they had received a "very good offer" from an unnamed club but that the club could not pay a fee.
"I told Ramos that it was impossible for Real Madrid to let their captain go for free," said Perez.
Ramos said: "At no moment did I consider going to China.
"Yesterday I went to see the president to make everything clear.
"I told the president that I would never go to a team that could compete with Real Madrid.
"If one day I go then it is because I think my body does not allow me to give a high level.
"I am the captain of Real Madrid and I feel very loved and supported by my team-mates.
"I'm not looking to renew [my contract]. I am happy with what I have. People always think it's a strategy to earn more, but it's the opposite."
Ramos has helped Real win 20 trophies during 14 years at the Bernabeu Stadium, including four Champions Leagues and four La Liga titles.
However, Real endured a difficult 2018-19 season in which they failed to win a trophy.
They finished third in La Liga - 19 points behind champions Barcelona - were knocked out of the Champions League in the last 16 by Ajax, and were beaten by Barca in the Copa del Rey semi-finals.
In March, Zinedine Zidane returned as manager only 10 months after leaving.