The Germany international is widely regarded as one of the most exciting forwards in world football and has been repeatedly linked with a move away from Signal Iduna Park, with Bayern Munich having made no secret of their interest in a player who has a buyout clause worth €25 million next summer.
However, Madrid coach Carlo Ancelotti expressed his admiration for the 25-year-old's attacking talents this week, with Marca quoting the Italian coach as saying: "The best German player after [Toni] Kroos and [Sami] Khedira is Marco Reus."
It was even claimed in the Spanish press that Madrid have already agreed a deal with Dortmund that will see them given first option on the player should BVB decide to sell.
Watzke, though, insists that this is simply not the case, pointing out that such a clause would prevent them from getting the best possible price for Reus.
"It's complete rubbish that there is any kind of right of first refusal [for Madrid]," the BVB official is quoted as saying by Bild.
"Marco alone will decide where he will go. What would we do if he activated his clause?"
Reus, for his part, insists that he is not paying any attention to the constant speculation surrounding his future, explaining that he is solely focused on recovering from the ankle injury that has ruled him out of action for the remainder of 2014.
"I'm now putting everything I have into my rehabilitation," he told Sport Bild. "You can disregard everything else!
"In the circumstances, things are going well. I have daily treatment and plan to be back on the field in January. I am once again focused on my comeback."
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