CEO Marco Fassone claims AC Milan are being priced out of a move for Bayern Munich starlet Renato Sanches, and are yet to enter into negotiations with the wantaway Portuguese international.
Rumours suggested that the highly-rated midfielder could make the move to San Siro from Bavaria this summer but, it appears no deal for the 19-year-old has been arranged between the two parties yet due to Bayern's asking price.
However, Sky Sport Italia, Fassone admitted Milan are interested in Sanches and would be prepared to open negotiations for a move, if the Bundesliga champions lower their demands,.
Recent reports suggest the big-spending Serie A giants are keen on a two-year loan for Sanches, with the option to purchase for €40m.
However, while the player himself seems keen on a move, Bayern CEO Karl-Heinz Rummenigge is less willing to let the former Benfica man leave on loan.
"At this moment there are no negotiations," Fassone said, as quoted by Goal. "Our rapport with [Bayern CEO Karl-Heinz] Rummenigge is very good.
"We've discussed the situation a couple of times, but at this moment they have a valuation of the player that we are not prepared to match. If the situation changes in August, then we are here."
Despite acquiring nine high-profile signings already this summer (including Leonardo Bonucci, Andre Silva and Franck Kessie) Vincenzo Montella's side are still keen to add more big names ahead of a Serie A title charge.
The likes of Andrea Belotti and Pierre-Emerick Aubameyang have been linked with moves, as Milan seek to rebuild their past glory.