One Sunday newspaper claims that Spanish clubs have been contacted by so-called 'transfer go-betweens' and even mentions a figure of just £4m, but Paul says: "Selling our captain Joe Cole is certainly not on our agenda and that figure is ridiculous.
"Our supporters can give that story as much credence as the recent one that said our groundsman was going to be put on half pay which, I think, came from the same source and for which not only did the club receive an apology, but the Richard House Trust got a cheque as a result.
"If agents in general are using the opening of the transfer window to try and drum up interest so be it, but I have spoken to Joe's agent, with whom we have a good relationship, and I have no reason to disbelieve him when he says that Joe is focused on keeping West Ham in the Premiership.
"We are having discussions regarding a new contract for Joe and a meeting will be set up before the end of the season.
"Such speculation is unhelpful to Joe, who is fully committed to us, and unhelpful to the club as well - and we refute it."