Chelsea were hoping to sign the highly rated 22-year-old late in the summer transfer window but had their reported £35 million offer turned down by Barcelona.
Hansi Flick was understood to be keen on keeping Lopez at the club, viewing him as a key part of his squad as they hope to win more silverware this season.
While the offer did make Lopez consider his options, he ultimately opted to remain at Barcelona and continue his development.
“I didn’t consider the offer and I don’t think they wanted to sell me either,” he said in an interview with RAC1. He further admitted that he had received several approaches from elsewhere, adding: “I received some, yes, but I don’t think any came from Real Madrid.”
Lopez has impressed since the start of the season, scoring two goals in his five appearances across all competitions so far.