Fifa World Player of the Year Fabio Cannavaro has rejected the chance to join Chelsea, according to his agent.
Cannavaro is not coming to the Premier League
The Real Madrid defender, 33, has been the subject of speculation since Real dismissed coach Fabio Capello.
Cannavaro's agent Gaetano Fedele said Chelsea made an offer "but we postponed everything due to Real Madrid's wish".
"New Madrid coach Bernd Schuster has said that Fabio is untouchable. It's highly unlikely that Fabio will leave Real Madrid at least this year."
Cannavaro joined Real from Juventus shortly after skippering Italy to World Cup glory last summer, and is under contract with the Spanish champions for a further two seasons.
"Fabio is in Madrid where he has adapted very well," said Fedele.
"They have won a championship and hence I don't think there is a possibility he will leave Madrid.
"Fabio's wish is to win the Champions League and the only team that can let him do that is Real Madrid."