Claudio Ranieri, the Juventus head coach, has dismissed rumours that Gianluigi Buffon is set for a big-money move to Manchester City.

Reports suggest the Premier League club have offered £63 million for the Italy goalkeeper and are ready to give him a five-year contract worth £12.5m a season.

Ranieri, however, insists Buffon will not leave the Turin club. "Manchester City's offer for Buffon? Well, if we wait a bit maybe the number of millions will reach 100," the former Chelsea manager said.

"At the end of the season we could even reach €150m [£126m]! No, joking apart, Gigi remains with us. He will not go anywhere."

Buffon had said that he wanted to stay at Juventus but would be prepared to move for the good of the club. "At the moment a move is not on the cards," the 30-year-old said.

"Of course, if someone offers €50m [£42m] I will be the first to the tell the directors to sell me. I want the best for Juve and with that amount they could reinforce the squad."

Meanwhile, Arsene Wenger has backed Mark Hughes to turn City's millions into silverware - but admits the pressure is now on the Welshman to deliver.

"You cannot have unlimited resources and not be under any pressure of success, but I think he (Hughes) is capable to achieve that and I am confident he is the right man to do it," he said. "It is always a question of quantity. A little bit more money will certainly not move the players to Manchester City. But much more can decide some clubs to sell important players."

Wenger, however, is anticipating a different look to the transfer market following the credit crunch that has affected the world.

"It is very difficult to anticipate on that," Wenger said. "I don't know what will happen in January. We are in a world of recession and have deflation rather than inflation.

"Football might not be an isolated island where nothing happens financially, football will suffer just as much as any other activity in our society."