Atletico Madrid president Enrique Cerezo has told Chelsea to forget about signing Spain striker Fernando Torres.
Cerezo told Spanish sports newpaper Marca that there was no chance of the 21-year-old being lured by Chelsea owner Roman Abramovich's millions.
"Abramovich should forget about Torres. He is an Atletico player and will be for many years," Cerezo said.
Torres has said he is not interested in a move and wants to fulfil his contract which runs out in 2008.
Reports suggested Chelsea were looking for an option to buy Torres with Mateja Kezman moving to Spain in return as part of the deal.
Kezman has struggled to find regular first-team football at Chelsea and spent most of last season on the substitute's bench - but he is likely to switch to La Liga in a deal not involving Torres.
Cerezo confirmed that a meeting had taken place between Chelsea's chief executive Peter Kenyon and Atletico's leading shareholder Miguel Angel Gil on 19 June.
But he refused to talk about the nature of the meeting.
Chelsea's failure to land Torres brings to six the number of strikers to have eluded the Stamford Bridge club this summer.
Inter Milan's Adriano, Barcelona's Samuel Eto'o, Arsenal's Thierry Henry, AC Milan's Andriy Shevchenko and Juventus' David Trezeguet have also interested the Blues but remained with their clubs.
Now it appears boss Jose Mourinho will recall Hernan Crespo from his loan spell at AC Milan - against the wishes of the Argentine.