AC Milan general manager Adriano Galliani has told Chelsea their reported offer for Andrea Pirlo is too low to consider.
Reports had suggested earlier this week that Pirlo could be set to join the Blues after a summer of speculation about his future.
Milan supremo Silvio Berlusconi insisted there was no truth in the story earlier on Saturday, although he did say he had not discussed the matter with Galliani.
Galliani has now hinted that a bid has been received but it was not acceptable.
"At this price Pirlo is not for sale," he told Sky Italia.
It is understood that Carlo Ancelotti has offered €8million (£6.8million) plus striker Claudio Pizarro in exchange for Pirlo.
Milan, meanwhile, are set to find out in the near future whether they can sign Klaas-Jan Huntelaar from Real Madrid.
"I'll soon hear from my friend Florentino Perez," added Galliani.