Sao Paulo have rejected a £29m bid for highly-rated Brazilian midfielder Lucas Rodrigues Moura da Silva.
Lucas, 19, has been heavily linked with a move to Europe after a string of impressive displays for his club and the Brazilian national team.
Since moving through the youth ranks at Sao Paulo, Lucas has scored 16 goals in 63 appearances and a number of top European sides are rumoured to be keeping tabs on his progress.
Chelsea were amongst the English clubs hoping to sign Lucas, and his representative confirmed as much at the end of November, telling reporters: "Chelsea, Inter Milan and Liverpool have demanded details from me and Sao Paulo knows the situation.
"At the moment they are not interested. Perhaps in the summer they may negotiate but only an enormous offer could change things as I want continuity for the player for a couple of years."
However, the Brazilian club remain adamant Lucas will not be sold and have reportedly placed a £66m price-tag on the midfielder.
And it appears as if the club are prepared to hold out for that amount, after the player's agent, Wagner Ribeiro, revealed Chelsea have already had a £29m bid rejected.
"The club's clause is £60m and this greatly influence the offers they receive," Ribeiro told Inter News - via talkSPORT.
"They do not want to sell and they rejected an offer from Chelsea for £29m. The player has no desire to leave the club at present. Lucas has no preference for any league at the moment."
The Sao Paulo youngster was named the best player in the UNder-20 South American championships in 2010 and has since gone on to make 10 appearances for the national side.