Fernandinho has long been linked with a move to England and both Tottenham and Chelsea have failed with bids in the last 12 months.
Now Roberto Mancini's City are heading the chase and are said to be closing on a £30million deal - but Lucescu has rubbished claims a move is imminent.
"If City want to [sign Fernandinho], the clause is €50 million [£42.3 million]," Lucescu told PRO TV.
The Romanian also insisted that Shakhtar are indeed a bigger club than City.
He said: "If our players receive offers from teams higher than Shakhtar, we do everything possible to help them.
"Currently, I think Manchester City are not at our level."
Fernandinho, who joined the club from Atletico Paranaense in 2005, has three years left on his current deal.