AC Milan's decision to sell Kaká to Real Madrid has drawn a rapid response from Paolo Maldini, the club's former captain, who believes that the sale means that the Rossoneri cannot win the Champions League next season. But Maldini may be relieved to know that Milan have no intention of letting Pato follow Kaká out of the club despite interest from Chelsea.

Maldini understands that a transfer fee of a reported a reported £56million will help Milan to balance its books, but he gave warning that the club may be European also-rans without a player that he rates among the world's very best.

"Milan winning the Champions League without Kaká is a dream," Maldini said. "Looking at the bank account is logical, but at the start of the season you need to set obtainable objectives and without Kaká the Champions League is a dream.

"He is one of the five best players in the world along with [Lionel] Messi and Cristiano Ronaldo. The other four aren't moving and Milan can't buy them. Selling Kaká was a big blow to his team-mates and the fans."

Maldini led Milan to five victories in the European Cup, later rebranded as the Champions League, and three other finals. But he fears that Serie A can no longer compete with the economic power of English and Spanish clubs. "Kaká is the first player of that level to be sold," he said. "In the past such an idea would never have been taken into consideration."

Adriano Galliani, the Milan vice-president and general manager, agrees with Maldini on that point. "I remember when we signed [Marco] Van Basten [in the 1990s] and we competed with Barcelona for his signature and he chose us," he said. "Today, Barcelona and Real Madrid have an income that is double that of ours.

"In the mid to long term, players like Messi and Ronaldo are not going to come here. Thierry Henry had the same offer from Milan as he did from Barcelona, but he told us he could get 50 per cent more in Spain [because of tax rules], so he joined Barcelona. We have got to ask ourselves why nobody is thinking of coming here. The problem with Kaká and Pato is a bigger issue. You can discover any player you like, but if you cannot pay them the wages of a big club, then they go somewhere else."

And if it is any consolation to Maldini, Galliani signed the Kaká deal with a heavy heart and a tear in his eye, according to Enzo Bronzetti, the player's agent. "Kaká was sold to Real Madrid, in agreement with the player, because in football you must safeguard budgets, especially at a time like this," Bronzetti said. "It is absolutely necessary and right. It's sad to lose a champion like him in many ways, but this is football.

"I know Milan, I know their leaders and it was so difficult for them to give the okay to the transfer. I have personally seen with my own eyes Galliani emotional in signing the contracts, I can swear to that. But just because I know them, I am sure that Milan will be competitive for the championship and for the Champions League next season."

According to Gazzetta dello Sport, Pato will not be moving to Chelsea with Galliani quoted as saying: "Pato remains at 100 per cent: he's untouchable" - but the Brazilian teenager himself would not rule out joining Carlo Ancelotti, the Chelsea and former Milan coach, at Stamford Bridge.

“Slow down," he said before Brazil's match with Paraguay today. "There is nothing decided yet. At the end of June after the Confederations Cup I will meet Milan officials and we will talk about my future. But before I will speak to Ancelotti.

“He is an extraordinary man. I owe him. It’s because of him I’ve been able to emerge at Milan and in Italian football. Before deciding my future, I want to talk with him. I had wanted to hug him and clarify certain things.”

However, not everyone is sad to see Kaká leave or wants to keep Pato in Italy. Marcello Lippi, the Italy coach, believes that the departure of foreign players opens up more opportunities for Italian youngsters to develop. “As far as I am concerned, the more foreigners leave Serie A, the better," he said. "Let’s say that as the manager of the Azzurri it helps me if more of the first team choices are homegrown."