Zambrano has been linked to a host of clubs in recent weeks, including Manchester United and Brighton.
The midfielder, dubbed the next Moises Caicedo, is only 19 years old and has been a first team regular for the past 18 months.
In an interview with ESPN, Alcarez explained: “I am not in charge of Oscar Zambrano.
“A week ago, he had a conversation with Diego Castro. There is nothing formal or definitive. We have to wait. It will be the best for the player and for the institution.
“The transfers have not been closed; we will see what will happen in the coming days."