Chelsea have been dealt a blow in their pursuit of Brazilian starlet Neymar, with Santos president Luis Alvaro Ribeiro saying that the youngster will not be leaving Brazil this summer.
Real Madrid put in a formal bid for Neymar, in an effort to try and steal the march on Chelsea, but Ribeiro insists he’ll have none of it.
"We have no interest in selling Neymar and we have formally communicated this," Ribeiro said.
"It's the same proposal. We had been given until end of the month to respond and had already decided the answer was no and now we've formalised this.
"The offer had two possibilities - take it now or later, but we do not want either."
Chelsea have long been connected with Neymar, who is worth £35 million according to the Daily Mirror, and their pursuit of the starlet hit overdrive after he scored in a Brazilian friendly with Scotland in March.
While former Chelsea manager Carlo Ancelotti was full of praise for Neymar, when Ancelotti was sacked, Chelsea seemed to go quite on purchasing the youngster, giving Real Madrid a much needed edge.
But now both sides will have to wait to make a play for the young star, with Santos desperate to hold onto their prized possession.