A report in Spanish newspaper Marca had suggested that the Morocco international had put pen to paper over a new contract at the Bernabeu that would keep him at the club until 2023.
Hakimi's agent Alejandro Camano has, however, confirmed to Goal and SPOX that this isn't the case and that discussions will need to be held once the coronavirus pandemic has been brought under control.
Camano said: "There is no basis at all (relating to the Marca report about Hakimi's contract). His contract at Real Madrid is still the same one we negotiated in 2017 and it runs until 2022."
"We have to wait. After this misery (the coronavirus outbreak) we will sit together with Real Madrid and Borussia Dortmund."
The 21-year-old has impressed during his two-year loan spell with the Bundesliga title hopefuls and is a regular fixture in Lucien Favre's starting line-up.
He has made 22 starts in the league in the 2019-20 campaign and has scored three goals, as well providing an impressive 10 assists for his team-mates.
Hakimi also scored four goals in eight Champions League appearances for Dortmund, with his form having reportedly attracted interest from the likes of Bayern Munich, Juventus and Paris Saint-Germain.
Dortmund are, however, hopeful that they can keep Hakimi should he not be part of Zinedine Zidane's plans for the 2020-21 season.
Indeed, the Moroccan has already stated that he wants to return to Madrid and become a part of their first-team set-up, telling Telefoot back in March: "Real Madrid are the club I call home.
"I've really enjoyed myself there and played lots of games there. If Madrid want me to go back, I'll go back. And if not, I'll have to write the next chapter at another great club."
Hakimi added: "Zidane is the man who gave me my chance and the confidence to be able to play professional football. I'm grateful to him for his faith in me and the way he has treated me. I'll always be grateful to him."
Reflecting on his decision to move to Dortmund, Hakimi said: "When I stop and think, I realise that it was the best decision I could have made, because I'm playing and developing as a footballer, which is what I need to be doing."