Adriano Galliani has stated there will be no more signings at AC Milan this summer - bringing an end to their chase for CSKA Moscow forward Keisuke Honda.
After chasing the Japan international for much of the summer, Galliani recently insisted the deal had been put on hold after the two clubs failed to reach an agreement and any prospect of a transfer prior to his contract expiring in December now appears to be dead in the water.
The Rossoneri, however, have secured the services of Cristian Zapata, Riccardo Saponara, Andrea Poli and Jherson Vergara during the summer window.
And Galliani is satisfied with the club's transfer business and believes they have enough quality to build on their third placed finish last season.
"The transfers which we wanted to take place have happened," the 69-year-old told a press conference.
"There is no news on Honda and [Mamadou] Sakho hasn’t been offered to us. This is an ultra-competitive side, with good players."
Milan are ready to lock horns with PSV Eindhoven in a Champions League play-off match on Tuesday, and the CEO is aware of the importance of the encounter.
"PSV are a noble side who have had players such as Ronaldo and Romario in their ranks," he added
"It is one of the most important play-off games, but let us not overload it.
"These games are vital every year, but it is not the most important one in our history."
Galliani concluded by casting a critical eye on the performance of Italian clubs in European competitions in recent years.
He believes the country's lacklustre appearances in the Champions League and the Europa League could backfire, with Portugal overtaking Italy to claim the fourth place in the Uefa ranking sooner rather than later.
"Italy will soon drop down to fifth place in the Uefa ranking because we're just a step away from being surpassed by Portugal."