Miranda will be an Atletico Madrid player next season unless either Manchester United or Chelsea agree to activate his €30 million release clause, reports Marca.
The Spanish newspaper claims Miranda, 29, was keen to join his team-mates Diego Costa and Felipe Luis, who have both completed transfers to Stamford Bridge this summer.
Failed Chelsea bid
Jose Mourinho tried to bring him to Chelsea, launching a bid believed to be in the region of €25 million and Miranda asked the club to consider the offer seriously.
But Atletico are under no pressure to sell having already generated over £50 million in transfer fees through the sale of Costa and Luis. They have told Miranda he will remain at the Vicente Calderon unless a club agrees to meet his buyout clause.
Premier League disappointment
The news is likely to disappoint both Manchester United boss Louis van Gaal and Mourinho, who were both keen on reinforcing their defence with the experienced Brazil international.
Manchester United are focusing on other targets, however, with Mats Hummels and Thomas Vermaelen believed to be at the top of Van Gaal's list. Manchester United could soon find themselves missing out on both those players, leaving them short of alternative signings.
Arsenal are understandably keen to sell Vermaelen to a foreign club and Arsene Wenger is also looking towards Hummels as a potential replacement for his club captain.
Meanwhile Chelsea boss Mourinho could end his transfer business after his failed bid for Miranda and give youngster Kurt Zouma a chance to shine in the first team. Zouma has been given a squad number ahead of the new season but could still be loaned out if first team opportunities are found hard to come by at Stamford Bridge.