M'Vila, 22, has been strongly linked with a move to Arsenal this summer, while there have also been reports of interest from Inter Milan and Barcelona.
However, while Rennes are willing to sell the player for the right price - a fee in the region of £15 million has been suggested - Saint-Sernin insists that they have yet to receive any bids.
"We have agreed with him that he can be transferred this summer," he told RMC Sport. "There are several big foreign clubs interested in him. We are not doing anything to prevent him leaving right now - there have not been any offers."
Saint-Sernin stressed that Rennes have great attachment to M'Vila, who joined the club in 2004.
"He is our international, a player we greatly appreciate," he said. "He has spent his entire career at Rennes, from the training centre to the first-team, with [current Rennes coach] Frederic Antonetti giving him his start.
"Obviously, we look upon him with something more than endearment. He is a player with the greatest value for us, particularly in emotional terms.
"This year, he has acted like a leader. He has fought and bounce back psychologically despite having had a few difficulties."
