Rio de Janeiro: Real Madrid have been told they would need to pay at least 15 million euros to sign Brazil's rising star Lucas Silva.
The 21-year-old Cruzeiro midfielder last week revealed the Spanish club had contacted his agent about the possibility of a January transfer, reported Xinhua.
But Cruzeiro president Gilvan de Pinho said Real Madrid's reported offer of 12 million euros would not be considered.
"We are expecting an official proposal," Pinho was quoted as saying by Sambafoot.
"We've put the price on the market. Anything less than 15 million euros and Cruzeiro will not talk."
"We are not putting him up for sale, I've made this clear in Spain and England. We would prefer to keep the player," he added.
Silva, a Brazil Under-21 international, has also been linked with Arsenal, Chelsea and Internazionale.