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Both players are out of contract at the end of the season and have been linked with moves away from their respective clubs.
Alonso – who limped out of Spain's 2-1 win over Equatorial Guinea with an ankle knock – is seen as a vital member of the Italian's squad, and with Sami Khedira suffering a long-term knee injury, the 31-year-old is expected to be a regular starter.
"Xabi is a vital player for Madrid now that he's recovered from injury," he told Mediaset. "There are only two players like him in Europe. One is Pirlo and the other is Xabi.
"However, we have no intention of making a player exchange deal with Juventus. There is no substance to any rumour like that.
"I am still in touch with Andrea because I have a good relationship with him. I was pleased to see the Madrid fans give him a warm welcome when we met."
