The Cruzeiro midfielder has been strongly linked with a transfer to the Bernabeu in recent months.
However, the Brazil Under-21 starlet, who has a 15million euro (£11.8million) price tag, will have to wait until the summer if he is to join the European champions.
“Unless there are extraordinary circumstances, we will not bring reinforcements in the winter transfer market,” Real Madrid president Florentino Perez told Spanish radio station Cadena Ser. “Right now there are none.
“If Lucas Silva has to come, it will be in the summer under normal circumstances.”
The highly-rated Silva has attracted plenty of admirers in England, with Arsenal, Manchester United and Chelsea having also monitored the 21-year-old playmaker.
Silva, who broke into Cruzeiro’s first team squad two years ago, recently admitted it would be a dream to have the opportunity to work with Cristiano Ronaldo at Real Madrid.