Inter Milan have admitted defeat in their bid to sign Frank Lampard from Chelsea after they completed the signing of Portsmouth's Sulley Muntari and insisted he would be their final acquisition of the summer.

Muntari has signed a four-year contract at the San Siro, after he completed a move that is thought to be in the region of £14 million.

Inter's move for the 23-year-old has signalled the end of their chase to sign Lampard this summer. Gabriele Oriali, the Inter director, said: "Muntari will be our last acquisition, now we must work on reducing the squad as coach Jose Mourinho wants 22 players and three goalkeepers."

Mourinho, the Inter manager, remained upbeat despite missing out on Lampard. "I'm not disappointed by Lampard," he said. "The important thing for a player is to do what makes him happy. If his decision is to stay at Chelsea I accept that."

Harry Redknapp, the Portsmouth manager, admitted that while he was sad to lose Muntari, the money would allow him to strengthen his squad. "I'm very disappointed to let him go," he said. "He's a terrific player and was a great signing for us. He's a really nice lad as well.

"He can't be a bad player - Inter don't buy bad players. He helped us achieve what we did last year. But Inter have come in and made a big offer which allows us to strengthen in a couple of other positions."