The Brazilian goalkeeper admitted he could be ready to leave the Championship side in January.
"We will do our planning as we identify our needs," vice-president Joao Paulo de Jesus Lopes told the Brazilian press.
"But for many reasons it's silliness to say we will sign Julio Cesar. I ask myself if it's a political attempt to unsettle [current goalkeeper] Rogerio Ceni or our board as we have a big affection for Rogerio."
He added: "There is no chance we bring in Julio Cesar, just like there is no chance we bring other problems. When I say problems, I am referring to Fred and Vagner Love, who are not our targets."