(CNN) -- AC Milan have denied reports claiming that big-spending Chelsea have made an offer for the Italian club's Brazilian superstar Kaka.
AC Milan insist that World Player of the Year Kaka will not be leaving the San Siro this summer.
The 26-year-old's future has been the subject of intense speculation following the appointment of Brazil's former World Cup-winning coach Luiz Felipe Scolari by the English side.
Kaka's advisor Diogo Kotscho last weekend further stoked the rumor mill when he claimed that debt-ridden Milan needed to sell the player, and that a transfer was likely to go ahead.
The British media have reported that the fee could be as high as $238 million, which would smash the world record.
However, Milan vice-president Adriano Galliani issued a statement on the Serie A club's Web site on Tuesday insisting that he although he met Chelsea owner Roman Abramovich earlier this summer, no firm offer had yet been made.
"The offers for Kaka are only in the newspapers, and they make up stories," Galliani told www.acmilan.com. "Today there are talks of a 150 million euros offer and tomorrow it will be 200.
"Nothing is true -- neither from Chelsea nor from any other club have we received that kind of offer."
Galliani admitted that he did ask Roman Abramovich about the possibility of bringing Chelsea striker Andriy Shevchenko back to the San Siro this summer.
"It is true that I was on Abramovich's boat," Galliani said. "It's true that he has had me as his guest and that I asked him for Shevchenko and he asked me for Kaka.
"But it finished 0-0 as we told him no for Ricky (Kaka) and they said no for Andriy. In any case there was no mention of numbers. Hence, I don't know where the figures read in the newspapers come from.
"We have a great relationship with Chelsea from a human level, but that doesn't mean they will say yes for Sheva and we will say yes for Kaka. I believe Kaka is happy at Milan."
Galliani's denials followed Tuesday's similar response from Chelsea chief executive Peter Kenyon, who said the club had made no offer for Kaka and were instead focusing on Real Madrid's Brazilian forward Robinho.
Kaka has only recently returned to Europe after having minor surgery on his knee in his homeland.