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Manchester City have rejected Inter's offer for Carlos Tevez, according to Sky Sports.
Inter president Massimo Moratti confirmed earlier on Monday that a £20.7 million proposal had been faxed to City's headquarters.
It is believed that Inter's bid falls short of City's valuation of Tevez, amid reports that Paris Saint-Germain have offered £25m plus £4.2m in variables for the 27-year-old.
The cash-rich French club, who missed out on signing AC Milan's Alexandre Pato, are also ready to put together an £8.3m-a-year deal to convince Tevez to move to the Parc des Princes.
The Argentina international has been frozen out of City's squad since refusing to warm-up during his side's Champions League match against Bayern Munich in September.
Tevez had looked set to sign for AC Milan after agreeing terms with the Italian champions last week, however, the deal collapsed when Pato turned down PSG to remain at San Siro.