M'Vila, 22, has been linked with a host of top clubs this summer, most notably attracting the interest of Arsenal.
French sports newspaper L'Equipe today reported that the Gunners' local rivals Tottenham Hotspur had submitted a €15m (£11.8m) bid for the defensive midfielder.
However, according to BBC Sport journalist David Ornstein, the 22-year-old will only move to a Champions League club.
Ornstein tweeted: "Spoken to M'Vila camp, who say he'd only leave Rennes for a club in Champions League & currently no interest from CL clubs in England #thfc."
It therefore seems that if M'Vila is to move to North London then he would be donning a red jersey, not a white one.