Madrid is reportedly interested in the 17-year-old midfielder as the LaLiga giant looks for a back-up for Casemiro.
However, Holveck said Camavinga, who is contracted until 2022, would be staying at Rennes for at least another season.
"For Eduardo Camavinga, the project is to continue to progress at Stade Rennais," he said on Sunday (AEST).
"The next season should be that of the consecration in Rennes for him."
Holveck added: "Very sincerely, yes, the project next season will be with Eduardo."
Camavinga made 36 appearances in all competitions for Rennes this season, scoring once.