Chelsea have reportedly seen a €80m (£69m) offer for AC Milan forward Rafael Leao turned down by the Italian giants.
The 23-year-old has recently been linked with a switch to Stamford Bridge, with Thomas Tuchel's side allegedly identifying him as a forward target late in the transfer window.
According to The Times, the Blues offered the Serie A champions €80m (£69m) for the Portugal international, but Milan were quick to reject the bid.
The report claims that Chelsea would have to pay Leao's full release clause of €150m (£129.2m) if they wanted to sign him in the latter stages of the transfer window.
Tuchel's side are said to be unwilling to go close to the forward's buy-out fee, meaning that he is set to remain at San Siro beyond the end of the summer market.
Leao enjoyed an impressive 2021-22 campaign for his Italian club, scoring 14 goals and registering 12 assists in 42 appearances in all competitions.
The Portuguese scored 11 goals and registered 10 assists in 34 Serie A appearances, as the Milan giants won the Serie A title for the 19th time, while he has netted one goal and one assist in four outings in all competitions this term.
"I don't see any problem with Rafael Leao. He's not distracted by transfer rumours, he's focused on working at best level," Milan boss Stefano Pioli recently told reporters
Meanwhile, Milan sporting director Paolo Maldini called Leao "untouchable" at the club earlier this year.
"We consider Rafa Leao untouchable, although there is a clause of €150m (£129.2m)," Gazzetta dello Sport quoted Maldini as saying.
Leao has been with Milan since August 2019, representing the club on 119 occasions, scoring 28 goals and registering 22 assists in the process.
Chelsea continue to be heavily linked with Pierre-Emerick Aubameyang, and a deal for the Barcelona forward is believed to be close to going through.
Italian journalist Fabrizio Romano claimed earlier today that the attacker would be flying to London 'around 5pm', with the Blues handing him a two-year deal plus the option of an additional 12 months.
Marcos Alonso is expected to head to Camp Nou as part of the same agreement, while there have also been suggestions that Tuchel's side could make a late move for Memphis Depay, who is believed to be pushing to leave Barcelona before the window closes.
