(CNN) -- AC Milan are denying that their star playmaker Kaka is being transferred to Real Madrid in a $92 million deal.
Former World Player of the Year Kaka is a reported target for several clubs.
Speculation mounted when Spanish radio station Cadena Ser reported on Tuesday that a deal had been sealed after a meeting between Milan general manager Adriano Galliani and new Real president Florentino Perez.
Milan's official Web site denied the report, saying that Galliani had visited Madrid purely for a special dinner in honor of Perez, who won the recent club presidential elections.
Galliani has now been quoted on the Web site saying he wanted the club to keep the Braziliian ace.
"About the Kaka issue, from January nothing has changed, the only offer there was arrived in January by Manchester City, but at the moment there are no offers, but only declarations of interest," he said.
He also sounded a note of warning over the loss of star players from Serie A to the bigger spending clubs in Spain and England.
"I might sound boring, but today no one even dares to think that players like Messi or Cristiano Ronaldo can come to Italy.
"If we don't solve these problems, we will not have the Kakas, Patos and Ibrahimovics anymore. If we go forward like this, with these stadiums, we will become a small league."
Former World Player of the Year Kaka is currently in Brazil with the national team ahead of a World Cup qualifier against Uruguay and on Tuesday had appeared to rule out a move from Italy's Serie A.
"I'll say it for the last time. The last time. I don't want to leave Milan," he told Gazzetta dello Sport. "In this period I prefer to remain silent because I don't want to be misunderstood. Or, worse still, to be used.
"To the millions of Milan supporters, I say that I have made my choice. I have said what I want to stay. Leave me in peace, please."
Last January, Kaka rejected a move to Premier League Manchester City who were prepared to pay him a reported $750,000 per week.
Kaka's coach at Milan Carlo Ancelotti was on Monday appointed manager at Premier League Chelsea who have also been linked with a bid for the Brazilian.
But Chelsea on Wednesday dismissed as "totally untrue" reports that they have tabled a world transfer record offer for the Brazilian superstar.
A statement on the club's official Web site read: "We have never made an offer to AC Milan for Kaka and therefore not one at this extraordinary level.
"As a consequence we have not discussed a salary with the player either. Any reports to the contrary are totally untrue."