Dortmund want to keep Sancho, who is under contract until 2022, at the Westfalenstadion for another season. The club still have another transfer summer to cash in on him and he is rated at €130 million.
Speaking on Sky on Saturday, Kehl reiterated they do not have to sell the winger, who is a reported target for Manchester United and Liverpool.
"There is nothing to it," Kehl said when asked about the Liverpool links. "We'd like to think that he will continue to play for us next season."
Sancho, 20, has been one of the stars of the Bundesliga season. He has not only made headlines on the pitch, where he has provided 17 goals and 17 assists in 28 Bundesliga appearances this term, but also off the pitch.
The England international dedicated his goal against Paderborn to George Floyd in May, while he was also fined after pictures emerged in the German press of the forward getting a haircut without following social distancing rules or protective equipment (PPE).
Dortmund are hopeful that they can secure another loan deal for Hakimi who has been outstanding as a right wing-back.
"The contract situation is clear," Kehl added. "We must be patient with a few ideas also because the league in Spain only just returned.
"He's an important player and want to give him a platform to develop further. But if Real want him back, he will go there."