Real Madrid goalkeeper Iker Casillas has rejected a massive €150million move to Manchester City according a report in the Spanish media.

Under the deal, Casillas would have received €13million a year to play for the Premier League side, bought in September by the Abu Dhabi United Group.

Spanish radio station Cadena Ser, which is usually well-informed, said Manchester City made the written offer to the player's agent Luis Garcia Abad.

It was not forwarded to Real as Casillas immediately rejected it, the radio station claimed.

The offer of €150million would dwarf the current world record €76 million paid by Real Madrid to Juventus for Zinedine Zidane in 2001.

Casillas, 27, nicknamed 'Saint' Iker in Spain, is one of the world’s best goalkeepers and played a leading role in Spain's Euro 2008 victory.

Seen as very loyal to Real, he currently receives around €6million per year at the Spanish champions, and his contract with the club was extended last February through the 2016-17 season. The buyout clause in the contract is €150million.

Manchester City's new Arab owners have shown they are ready to pay huge sums to attract international stars to the club.

Italian newspaper Gazetta dello Sport recently reported the club made an offer to sign Juventus goalkeeper Gianluigi Buffon for €75million.

City last summer bought Brazilian striker Robinho in a shock deadline-day deal for a league record transfer fee of €42million.

Spanish media claims that Robinho has asked the club's owners to sign more big names, such as AC Milan's Kaka or Manchester United’s Cristiano Ronaldo, winner of the 2008 Ballon d'Or award.