Sao Paulo say they have rejected a Manchester United offer for midfielder Lucas Moura, telling United they "need to produce a little more".
United have so far declined to confirm or deny an interest in the 19-year-old, but officials at the Brazilian club are adamant that they have received, and turned down, a bid.
The Old Trafford club were reported to have sent a delegation to Brazil to hold talks over a transfer for Lucas, who is currently in the UK with the Brazilian Olympic squad and has also been linked with a move to Real Madrid or Inter Milan.
Sao Paolo director Marco Aurelio Cunha told TMW: "Manchester United made a very important offer of €35 million, but they would need to produce a little more.
"For us, only Neymar [in Brazil] is worth more. After him is Lucas, and we would not want to sell for less than this sort of value.
"We do not need the money. The Brazilian economy is good, television pays us and we cannot complain. For us, it is still better to have a good player than lots of money in the bank."