I agreed about this as Federico Valverde is here for long time as this is his boyhood love club, and he will never think to leave right now, but officially we have second big from the Liverpool which is having worth of £77m with most chances this is also going to be rejected but good thing they are trying this which is also worth to try for the player like Federico Valverde.
Valverde was grown up by Real Madrid and he is one of their best young midfielders. Casemiro was sold, Modric is too old and likely will have last one to two seasons with Real Madrid, Kroos is already old enough and Valverde is one of best midfielders for Real Madrid future. He loves the club, play well and Real Madrid will send him to another club. Except if Real Madrid buy a very expensive midfielder and Valverde loses his position in the squad then will feel unhappy, a transfer might occur.
So far, no signal for such things in Real Madrid and he will stay in the club. Real Madrid will not sell him just to buy Mbappe in my opinion.