Chelsea have denied tabling a world-record offer for Kaka, the AC Milan forward.

Peter Kenyon, the Chelsea chief executive, dismissed reports of a €150 million (approximately £120m) bid for the Brazilian World Player of the Year. "There was no offer made," Kenyon said. "They [Milan] have made it clear that he is not for sale and we will make it clear we have not made an offer."

Adriano Galliani, the Milan vice-president, yesterday dismissed notions that the club would sell their most prized asset or that they had received an offer from the Premier League club. "Ricky [Kaka] is an untransferable player and Chelsea have never made such a bid," he said.

Gazzetta dello Sport, the Italian sports daily, reported today that Roman Abramovich, the Chelsea owner, is prepared to eclipse the €100m that Real Madrid are supposedly ready to pay Manchester United for Cristiano Ronaldo if he became available.

According to Diogo Kotscho, Kaka's spokesman in Brazil, the player would net a chunk of the fee. "The Kaka-Chelsea operation would benefit everyone involved," Kotscho said. "For Kaka there would be ten per cent of the transfer fee - €15m - as well as a new contract.

"Chelsea is the right team [for Kaka]. It's a team that wants to win everything."