Brazilian club Corinthians have denied they have had a reported £40 million offer for Carlos Tevez accepted by Manchester City.
Roberto Mancini claimed on Monday morning that the two clubs had "reached an agreement" for the sale of want-away striker Tevez, but Corinthians president Andres Sanchez insists there is, as yet, no accord.
In a statement, the Brazilian club confirmed they had made an improved offer for Tevez but claim City responded to the bid with a counter-proposal, which will now be taken under consideration.
Corinthians' statement read: "Because of news reports this morning of an agreement between Corinthians and the striker Carlos Tevez, president Andres Sanchez is keen to clarify that Manchester City has not accepted Corinthians' offer for the player.
"In fact, the club (City) sent a counter-proposal, which, due to the time difference, has only just reached the Corinthians board this morning. In the counter-proposal, the Premier League club asks for changes in the form of payment and also in the total value of the transaction.
"Finally, the president Andres Sanchez advises that there is no concrete agreement with Tevez at this time and the counter-proposal will be analysed by him and the board."
Corinthians will have to move quickly to complete any deal for Argentina striker Tevez, who is keen to return to South America to be closer to his family, as Brazil's international transfer window closes on Wednesday.
If a deal is struck to take Tevez back to the club he won the Campeonato Brasileiro with in 2005, City are likely to target Atletico Madrid forward Sergio Aguero as a replacement.