Cannavaro’s contract with the Spanish giants is set to expire and the Italy international has been linked with a return to Napoli in recent months.
“Cannavaro has been misquoted in the media,” Gaetano Fedele said on Radio Kiss Kiss.
“Some of the things attributed to him were said a while ago in older interviews.
“He has never talked about economic issues and he wants to stay at Real Madrid.
“The only reason we haven’t been able to set up talks for a contract renewal is that the presidential elections are coming up.”