The player himself has been quoted in France as saying that Manchester United, Juventus, and Liverpool have made contact with his agent Pape Diouf, and Paul says: "I will be speaking to his agent on Friday."
Fredi is quoted as saying: "It is the stuff dreams are made of, and if I have the good fortune to have the choice, I will make the most of it.
"There's nothing concrete for the moment; I'm waiting for a firm offer before I start getting excited."
Paul says that it is not a matter for discussion, however, and the club underlined his importance to Harry Redknapp when Fredi was offered a new deal earlier this season in the face of interest from Chelsea and Glasgow Rangers.
Says the Hammers' MD: "We are certainly not looking to entertain any bids, and any we may receive would be politely, or perhaps not so politely, refused."
The interview also reports Fredi as saying: "I feel good here; the management have put their trust in me and it's the first time I've really been considered as a first team player."
The comments highlight the ambiguous nature of some interviews with the inordinately laid back Fredi.
A throwaway comment about not all English food being to his taste was picked up by one Sunday newspaper as meaning he was homesick.
And he caused a furore when his comment about it being easier to be picked for France if you play for a bigger team was 'interpreted' as a tacit transfer request.
In fact it was simply an honest answer to the question put to him - and Harry said the view was not inaccurate, without it meaning that there was any dissatisfaction on Fredi's part. He was subsequently called up by France for a friendly anyway!
But the situation of unsettling players is once again raised and Paul says: "It would certainly be inappropriate if any clubs were to have made contact with him.
"He is under contract with us for some time to come, having been happy to sign improved terms with us earlier in the season.
"While his increased profile may be flattering to the player, that does not signify anything other than the wisdom of purchasing him in the first place.
"Since Harry brought him to the club he has improved himself as a player and ourselves as a team, and long may that continue."