Santos have rejected a 20 million-euro offer from Barcelona for Brazil star Neymar.
The Brazilian outfit, which last week turned down Barcelona`s initial 18 million-euro bid for the striker, made the decision after a meeting of the club`s board Wednesday night, reports Xinhua.
"Santos has analysed the the proposal and it doesn`t meet our requirements," Santos vice-president Odilio Rodrigues told O Globo.
"He (Neymar) remains a part of our team and has a contract until July 2014."
The latest development involving Neymar`s future comes amid reports that representatives from both Barcelona and Spanish rivals Real Madrid are currently in Brazil to negotiate a deal for the 21-year-old.
Santos, to whom Neymar is contracted until the 2014 World Cup, owns 55 percent of the player`s economic rights. The remainder is held by investment firms DIS (40 percent) and Terceira Estrela Investimentos (5 percent).
The club risks losing Neymar for nothing if it does not strike a deal for the forward before the close of the European summer transfer window in August.