Villarreal have rejected an offer from Manchester City for striker Giuseppe Rossi according to reports in Spain.
The 22-year-old has a €40million minimum release fee clause in his contract and it is believed that City's bid came well below that valuation.
The Italy international arrived in Spain from City's neighbours Manchester United in the summer of 2007 and it is said that should Villarreal wish to sell, the Premier League champions have first option on the player.
The diminutive forward was highly rated at Old Trafford and that has been backed up by some outstanding performances for the Spaniards over the past two seasons.
Rossi's agent Federico Pastorello denies that a bid has been lodged by the Eastlands club and indicates that the American-born youngster is almost certain to remain at El Madrigal next term.
"Nobody has offered the going price and I am 99 per cent certain the player will be with Villarreal next season," he said.
Happy to stay
"Rossi is happy in Villarreal and would only consider leaving for one of Europe's six big clubs."
Rossi was one of only a few Italian players to come out of the recent Confederations Cup campaign with any credit after he helped himself to two goals from two starts.
It is that kind of form which has earmarked him as a possible target for a number of clubs around Europe but the former Parma youngster is said to be ready to sit down and discuss a new contract at Villarreal despite his current deal running until 2012.