AC Milan have confirmed they have rejected a big-money offer from Chelsea for their highly-rated defender Alessio Romagnoli. The 21-year-old Italian is wanted by the west London club, but Milan insist they have no intention of selling one of their prize assets.

The Serie A club revealed they received a "major financial offer" for the player, although they remained tight-lipped about the precise details of the terms Chelsea proposed. They said, too, that the much-discussed deal would not progress any further as they intend to keep Romagnoli at the San Siro.

"AC Milan have received a major financial offer from Chelsea for their own player Alessio Romagnoli," the Italians said in a statement on their website.

"The Milan player is not for sale, so the proposal will not have any result market. We thank the Chelsea Club with which Milan will continue to have excellent sports relations."

AC Milan's statement comes shortly after Chelsea boss Antonio Conte bemoaned the "crazy" prices being quoted for players. The Blues have been linked with a move for Napoli defender Kalidou Koulibaly in recent weeks, but have been frustrated in their efforts to sign the Senegalese star.

More recently, it appears Chelsea have switched their sights to Romagnoli, who is widely considered to be among the best young players in Italian football. But again, Chelsea have seen their bid rejected.

"We have a plan. We know this transfer market is very crazy," the Chelsea manager previously said. "We must be patient to find the right solutions for the team, to improve this squad. I'm very happy to work with these players. They show great commitment every day."