Brazilian star Ronaldinho will not be heading to Blackburn Rovers, according to Venky's director Venkatesh Rao.
Reports in Italy on Sunday suggested that Rovers had opened talks with the AC Milan midfielder. Venky's Facebook site had claimed an approach while on their Twitter page a two-year deal worth €7.2 million was reported.
And the story then gathered pace when Ronaldinho's agent and brother, Roberto De Assis, confirmed that Blackburn were interested in taking a player certain to leave the San Siro this January.
However, Rao has now told the Lancashire Evening Telegraph that the club have no interest in Ronaldinho - but they are pressing ahead with plans to sign "quality players" as manager Steve Kean looks to achieve the club's aim of a top-half finish.
ESPNsoccernet sources have also confirmed there is no chance that Blackburn will make a move for the 30-year-old. But Venky's remain eager to make a statement in the transfer market after buying the club in November.
Rao said: "That [Ronaldinho link] is not true. There is no interest at all, they are just rumours. We are still finalising possible signings but hopefully we can come out into the press and make things clearer in a week. Discussions are still going on and meetings are going on.
"Money is not the criteria at all though, we do not mind about the money. It is about getting the right players for Blackburn Rovers and we have enough money to do that.
"That is not a problem. We want to bring quality to Blackburn Rovers."
Two-time FIFA World Footballer of the Year Ronaldinho is looking to put his career back on track and Brazilian club Gremio remain favourites for his signature.
Kean is planning on making several signings before the end of the month.
"I think we will sign at least three, possibly four, we might have one on loan at least at this stage that is the way it is looking,'' Kean said. "We are allowed one more domestic loan because we have Diouf on loan from Man U and two foreign and that should really move us forward because we have so many players out.
"The list has gone in so we will see what comes back and how we are going to move forward. We would like to do it early. It will probably be after the Liverpool game. We are close to signing two, possibly three, although the third is the outsider.
"Hopefully talks can continue and with someone like Beckham, someone will get a good player if he comes over here. And if he does come back to this country, he is someone we would be interested in.''