Real Madrid have seen a £177m (€200m) bid for Tottenham striker Harry Kane turned down, according to El Chiringuito TV journalist Eduardo Inda.
He claims that Los Blancos launched a bid of £155m up front with £22m in added bonuses.
But Spurs chairman Daniel Levy reportedly rejected the offer without hesitation and made clear his intention to keep Kane at the club.
The 24-year-old has emerged as Real Madrid's prime target after his exceptional form throughout last year.
Kane scored more than any other player in Europe in 2017 and has continued to perform with unerring consistency since the turn of the year.
The proposed fee from Real Madrid would make the England international the second most expensive player of all time.
But Levy is expected to once again prove a difficult negotiator, as he was when Tottenham sold Luka Modric and Gareth Bale to the Spanish club, the latter for a then-world-record fee of £85m in 2013.
Real Madrid are looking for an upgrade on current first-choice striker Karim Benzema, who has found the net just three times so far this season.
The Frenchman is expected to leave the club in the summer and Kane is considered the ideal replacement.
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After his goal in Saturday's 2-2 FA Cup draw against Rochdale, Spurs boss Mauricio Pochettino backed Kane to reach 50 goals for the season.
“He is capable of everything," said the Argentine. "I hope he can maybe break this record because I trust him and I know him very well. We see him every day working and I can tell you he is capable of everything in football."