Los Angeles Galaxy chief executive Tim Leiweke has denied a deal was imminent to allow David Beckham to join AC Milan.
"We are not close. Two weeks ago, Milan made a ridiculous offer, to which I replied 'no' in a few seconds," Leiweke told the Italian sports daily Gazzetta dello Sport published on Friday.
"With that figure, Galaxy don't even cover the damages deriving from the shortfalls of not selling his shirts. Since then, no-one has made any moves. There are no meetings arranged."
Reports have put Milan's offer for the 33-year-old England midfielder at 5 million euros ($6.4 million).
AC Milan vice president Adriano Galliani was quoted by Italian media on Thursday as saying his club was now close to convincing LA Galaxy to switch Beckham's loan deal to full ownership.
Beckham is due back to the US club March 8, but has made enough of an impact in Serie A to persuade Milan to seek a permanent deal.
Leweke said he had decided to speak up "because I have read too many inaccurate stories."
He added: "If David doesn't return, who will replace him? Our transfer market is already closed. If Milan are so determined to keep him, why are they taking so long? Do they think that we will settle for less money? They are mistaken."