Manchester City have gone cold on a move for Velez Sarsfield prospect Thiago Almada.

Ole says City have had a €12m bid rejected, and are therefore giving up on negotiations.

The report quotes an unnamed City official as saying: "A very good offer for a player who will be free in less than a year.

“We're withdrawing. We weren't going to pay the clause when the player has less than one year left to go free."

City have been linked with the 18-year-old winger from Velez Sarsfield, dubbed the 'new Lionel Messi', with Portugese side Sporting reported to take him on a two-year loan deal.