AC Milan vice-president Adriano Galliani has revealed the club has turned down a £25m bid for young forward Stephan El Shaarawy, according to Goal.com.
The mystery offer was rebuffed as Galliani confirmed AC Milan intend to keep the Italian international this summer.
"What we haven't told anyone is that we received a very big offer for El Shaarawy, but I will never name the club involved," Galliani told 7 Gold TV network.
"It is a very important club, though. I informed the player's agent and as soon as he returned from the Confederations Cup I spoke to Stephan.
"We did not want to sell him, so we simply informed the lad and his family that this proposal had arrived for him. I asked him what he wanted to do."
El Shaaraway has only recently returned to Italy following the Confederations Cup in Brazil, so the bid would have been lodged within the last four weeks.
Chelsea were reportedly monitoring the former-Genoa youngster as their pursuit for a striker continues. Fellow Serie 'A' star Edinson Cavani is believed to be their first choice, but reports claim El Shaarawy is also under consideration.
Manchester City are the other Premier League club credited with an interest, and following the departures of Mario Balotelli and Carlos Tevez - both to Serie 'A' - they're in the market for a new forward.
But Galliani claims El Shaarawy was certain he wanted to stay at the San Siro.
"He said the money he had was more than sufficient, that he is a Milan fan and [that he] did not want to leave. I kissed him on the cheek and that was that.
"We were not tempted by the offer but we couldn't exactly hide it from him. He saw the figures, but did not want to budge.
"How much was the offer? More than €30m.
"We discussed tactics for next season, as we are returning to a 4-3-2-1 system and he is happy to play as a support striker. He had a goalscoring crisis in recent months, not a physical one, but he always worked hard for the team.
"He is only 20, so some ups and downs are natural. It even to happened to Edinson Cavani, who didn't score for two months."
El Shaarawy was in blistering form through the first half of the season, but tailed off badly in the second, enduring a 16 match goalless run from February to June. He finished the season with 16 Serie 'A' goals, and is under contract until 2018.