Real Madrid goalkeeper Iker Casillas has rejected a £129m move to Manchester City, according to reports in the Spanish media.
Under the deal, Casillas would have received £12m-a-year to play for Mark Hughes' side, but he immediately dismissed the deal.
Private Spanish radio station Cadena Ser, which is usually well-informed, said Manchester City made the written offer to the player's agent Luis Garcia Abad. Although it was not forwarded to Real as Casillas immediately rejected it, the radio station reported.
Casillas, 27, is one of the world's best goalkeepers and played a leading role in Spain's Euro 2008 victory. Seen as very loyal to Real, he currently receives around six million euros per year at the Spanish champions, and his contract with the club was extended last February through the 2016-17 season. The buyout clause in the contract is £129m.
This report follows speculation that Manchester City were lining up a £65m offer for Juventus goalkeeper Gianluigi Buffon.
The club, bought in September by the Abu Dhabi United Group, are reportedly lining up various big-money moves to secure a "world superstar" in the January transfer window.