Bayern Munich honorary president Uli Hoeness insists Alphonso Davies will not be sold this summer.
The wing-back is inside the final year of his current deal and a target for Real Madrid.
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A new contract has been offered by Bayern, which falls short of what Davies is seeking.
But Hoeness insists Bayern will not go higher, stating: : "We told him very clearly that, if he does not renew his contract, we will let it expire.
"We are not going to offer him more money."