Inter Milan have rejected a €25 million bid from Manchester City for striker Mario Balotelli, according to reports in Italy.
City officials, who were in Italy to tie up a deal to sign Aleksandar Kolarov from Lazio, met with their Inter counterparts late on Thursday night but were told to come back with a bigger offer.
"Yes, we have received representatives from Manchester City in our offices," a well placed Inter source told La Gazzetta dello Sport.
"We are talking about a calm and cordial exchange on the eventual transfer of Mario Balotelli at the end of which the offer presented, close to €25m, was not considered adequate. That doesn't mean the deal can't be restarted in the future."
However, president Massimo Moratti professes to know nothing of the reported talks between the two clubs.
"I promise I know nothing," Moratti said on the club's official website. "I have no information regarding that (meeting). I had other things I had to do in the past few hours."
When asked if Balotelli is wanted by City, Moratti said: "I imagine so but don't ask me because for the time being I have no information."
Inter play Manchester City in friendly on July 31 in Baltimore, USA, and it's thought the deal could be concluded by then.