AC Milan have told Chelsea that Ukraine striker Andriy Shevchenko is not for sale at any price.
Chelsea reportedly offered £48.9m for the 29-year-old Ukrainian, but Milan vice-president Adriano Galliani rejected the offer.
"Andriy Shevchenko is incredible," Galliani told the AC Milan website.
"We've been asked to name our price but answered he was beyond any price and out of the market. He has four years to run on his contract - he'll stay."
Over the last month Chelsea have been involved in discussions over transfers involving Hernan Crespo and Georgian left-back Kakha Kaladze.
Milan are keen to keep Crespo, who played on loan at the Italian club last season, though Kaladze's move looks in doubt after Chelsea signed Athletic Bilbao defender Asier del Horno.
"As for Crespo and Kaladze there is a difference," said Galliani.
"With regards Kaladze there is some distance between the asking price and the offer while Crespo, that will come clear in the next few hours on what Chelsea want to do."
Argentine forward Crespo is reluctant to return to Chelsea after a disappointing spell in the Premiership with the Blues.
Crespo enjoyed a new lease of life in Italy, scoring 18 goals in a season that saw them finish as runners-up in the Champions League to Liverpool and to Juventus in Serie A.
His impressive performances with the Rossoneri earned him a recall to Argentina's national team and he scored twice in a 3-1 World Cup qualifier against Brazil.
He added: "It's difficult to discuss the future when I still don't know what will be my desitnation. Until 30 June I'm a Milan player and I hope I am after that date.
"I don't really know if my transfer is related to that of Kaladze but I want to find out if that is the case and what my situation is.
"A year ago I considered hanging up my boots until I arrived at Milan, so I know who I have to thank for what I have today.
"The Rossoneri club, the doctors are responsible for my return to being a footballer. I have shown to the world that I am a Milan player."
Gilardino could be priced out of a move away from Parma
Meanwhile, Milan have opened talks with Parma over Italian international striker Alberto Gilardino, but say the asking price is way too high.
Galliani said: "Gilardino wants to come to Milan and we want him here, but there is a great difference between bid and offer."
Gilardino, whose goal in the Serie A relegation play-off against Bologna helped Parma stay up, was the league's second highest scorer with 23 goals and had also been linked with a move to Chelsea.