Santos president Luis Alvaro Ribeiro claims the club has rejected an offer from Real Madrid for teenage forward Neymar.

Ribeiro has insisted all summer that the 19-year-old Brazil international is not for sale amid speculation linking him with a move to Europe, and reiterated that stance Tuesday before revealing details of Madrid's approach.

"We have no interest in selling Neymar and we have formally communicated this,'' Ribeiro was quoted as saying on www.lancenet.com.br.

"It's the same proposal. We had been given until end of the month to respond and had already decided the answer was no and now we've formalised this.

"The offer had two possibilities - take it now or later, but we do not want either.''