The Brazilian club's president does not believe the attacker is worth such a fee given his age and remaining contract at AC Milan and values him at closer to £5m
The Peixe have been interested in signing the attacker following the sale of Neymar to Barcelona, with Cruzeiro also thought to be keen on securing the Brazil international's services.
However, despite the £48m windfall from Neymar's switch to Spain, Ribeiro believes the Rossoneri's asking price for Robinho is far too steep given the attacker's age and current contract length.
"A player who is 29 years old and out of the loop of the national team is not worth that kind of money," the 72-year-old told Gazzetta dello Sport.
"In addition, he only has a year left on his contract, he's not worth more than €6m (£5.1m)."
Robinho scored twice and notched six assists in 23 Serie A appearances for Milan last season as they clinched third place in the table, but has found himself increasingly frozen out of the side due to the burgeoning talents of Stephan El Shaarawy, Mario Balotelli and Mbaye Niang.