AC Milan have confirmed Chelsea made a giant offer to sign Alessio Romagnoli.
The Italian defender, 21, has been heavily linked with a move to Stamford Bridge as Antonio Conte looks to add defenders to his squad.
And Chelsea indeed made an offer to bring the centre-back to the Premier League, the club have announced.
But Milan are not interested in selling their talented star and negotiations have been concluded.
A statement on Milan’s website read: ‘AC Milan has received a significant offer for its player Alessio Romagnoli from Chelsea FC.
“The player is not for sale, therefore this negotiation will not continue.
“The club wants to thank Chelsea FC with whom we will continue to have a great working relationship.”
Chelsea will have to continue their search for a new defender elsewhere.
Sky Sports Italia few days ago claimed the Serie A giants’ new investors are fearful of turning the club’s fans against them by letting the centre-back leave.
The Chinese consortium which now controls the San Siro side only bought out Silvio Berlusconi two weeks ago.
And their reluctance to irk Milan supporters can be explained by the £628m they have agreed to pay to take over from the former Italian Prime Minister.
The news may force Conte to look elsewhere, though he is believed to have left his options open in case his pursuit of Koulibaly was fruitless.
Torino’s Nikola Maksimovic is said to be on the former Italy national team manager’s radar as well.
The Blues have already added two marquee signings in N’Golo Kante from Leicester City and exciting Belgian attacker Michy Batshuayi, but the Italian manager is determined to bolster his squad even further as he seeks Premier League title glory in his first season in at Stamford Bridge.