Reports in the Italian media this week claimed the 23-year-old AZ Alkmaar star was poised to make a move to Old Trafford in the summer.
But the Sweden international's agent, Patrick Moerk, insists a decision is yet to be made over his future, with Arsenal, Tottenham and a host of Serie A clubs also thought to be interested.
"I don't comment on specific rumours but suggestions he has already agreed to join a club are not correct," Moerk told Expressen.
Elm, who is contracted in Alkmaar until 2013, previously admitted to being flattered by United's alleged interest, fuelling suggestions he could join the Premier League giants.
But while Moerk says the Swede will consider any offers, he has not ruled out the midfielder seeing out his contract with Eredivisie leaders and title challengers AZ.
He added: "Rasmus does not close any doors and he listens to all offers. But he is very happy at AZ and not desperate to move to another club."