Palmeiras president Leila Pereira has confirmed that they have rejected the initial bid from Manchester City for defender Vitor Reis.
Pereira has revealed that negotiations between the clubs continue with Palmeiras understood to be demanding £40million for the 19-year-old centre-back.
Reports have suggested that Manchester City are not prepared to pay that much for the youngster and could move on to other targets in the 2025 January transfer window.
The Brazilian youngster has reportedly already agreed personal terms with City over a long-term contract.
Ontheminute.com have previously reported of the interest from Arsenal, Manchester United, Chelsea and Aston Villa in the highly-rated teenager.
Brighton, Liverpool, Benfica, Barcelona and Real Madrid have previously also been linked with the Brazilian defender.
Vitor Reis signed a new contract with Palmeiras in the summer, extending his stay until December 2028.
