Brazilian club Corinthians have confirmed they will not be placing a higher offer for striker Carlos Tevez after Manchester City rejected their initial bid of £35 million.
It is understood City are holding out for a £50 million transfer fee, but Corinthians' president Andres Sanches says that figure is "unviable for the Brazilian football market."
"I was in Argentina for a Brazil match [at the Copa America], I spoke with Tevez and his representative on the phone," Sanches told Lancenet. "Corinthians have made an offer of approximately 40 million euros [£35 million] to sign him permanently. This sum means we will be spending 20 to 25 per cent of our TV rights earnings if City accept it."
"I have made an offer which I think City cannot refuse, and we will not raise it further. If they ask for [£50 million], they will keep him."
The transfer window in Brazil closes on July 20 and Alves explained that a resolution between the two clubs must therefore be made by the end of the week.
"If we haven't closed the deal by Sunday it won't happen this year," he stated.
Tevez would have to take a pay cut in order to move back to the club, which he originally left in 2007 to join West Ham, but following the retirement of Brazilian star Ronaldo, Corinthians have still created space to offer the Argentinian a hefty sum.
"If the shirt sales go through the roof, like they did with Ronaldo, we have a year's salary paid. He is a player who has a strong marketing appeal," he added. "The marketing department needs to work. They are competent. A lot has been taken care of to take care of the salary. But he will make less than in England."
If a deal is not struck with Corinthians swiftly, it is believed La Liga powerhouse Real Madrid would be interested in negotiating with City for Tevez's services. Manager Jose Mourinho has stated the club is in the market for a new striker and Tevez's agent Kia Joorabchian confirmed the move would be suitable for his client.
"For Carlos, the main motivation for leaving City is not to go to another club in the Premier League, but to move to a city where his family can adapt.
"A move to Spain might solve that problem. It's about the language and the culture. In Spain, they speak the same language. You see a lot of Argentinian and Brazilian players live in Spain and they have adapted very easily," Joorabchian said.