Manchester City are yet to table an offer for Uruguay international Jose Gimenez, despite suggestions to contrary by Atletico Madrid's president.
Enrique Cerezo claimed on Wednesday to have rejected a €85m (£78m) offer from City for the 25-year-old, who has been widely linked with a move to the Etihad.
"We did receive the offer," Cerezo told Onda Cero's El Transistor podcast. "But Gimenez is a magnificent player and we are interested in having magnificent players in the team."
City are interested in Gimenez as part of their search for an elite centre-half to partner Aymeric Laporte and provide competition for Nathan Ake, John Stones and Nicolas Otamendi.
However, it is understood that no bid has been made for Gimenez at present and that City will not pay a fee in the region of £78m for any player during the current transfer window.
Kalidou Koulibaly was City's priority target this summer but negotiations with Napoli have reached an impasse, forcing the Etihad club to explore other options.
Gimenez and Sevilla centre-half Jules Koundé are being considered as younger alternatives to the 29-year-old Koulibaly.
