Brazilian superstar Kaka has insisted he wants to 'grow old' at AC Milan.
His statement is being widely accepted as a rejection of Manchester City's audacious approach for the former World Footballer of the Year.
City were believed to be prepared to pay €600,000-a-week to the 26-year-old.
Kaka confirmed he had received some 'major offers' but these had been turned down.
'I want to grow old at Milan,' Kaka told Italian TV station MediaSet, owned by AC Milan owner Silvio Berlusconi.
'My aim is to become, at some point in the future, the captain of this team.
'I know there is a pecking order, with (Paolo) Maldini at the front and then (Massimo) Ambrosini, but then...'
If Kaka sticks to this stance, it will be a blow to City's Abu Dhabi-based owners, who have put the South American at the top of their list.
Earlier, City were linked with a sensational €100m bid for AC Milan star.
AC Milan chief executive Adriano Galliani has met City officials to discuss the future of the player.
Galliani spoke with City on Tuesday but Milan did not say if an offer was made for the playmaker or whether they would accept any bid.
'Galliani received a delegation from Manchester City yesterday in Milan as a gesture of courtesy like always in these cases,' AC Milan said in a statement on Wednesday.
'There are no talks at the moment.'
Elsewhere, Kaka's agent Diogo Kotscho told Sky Sports News that he could not rule out Kaka moving to City in the current transfer window.
'It's not impossible,' he said. 'But I think it will be very, very difficult to have a deal with Milan.'
The stumbling block for any club could be Milan's reluctance to let the Brazilian leave, although Kotscho confirmed Kaka wants to play in the Premier League at some stage.
And he would consider other clubs if City's offer does not suit either Milan or himself.
'Yes he will,' said Kotscho, 'but as I said we have to have a deal between the two clubs and negotiations with AC Milan for Kaka ... is a very difficult challenge.'