Maurizio Zamparini told the Italian press that Roberto Mancini’s side have had an offer for the Argentinean playmaker rebuffed by the Serie A club.
"We have received an offer but we have ruled it out because it does not meet our valuation of the player and, at this time, there is no need to lose his services, especially if we qualify for the Champions League," Zamparini told reporters.
The claims in the Italian media are that City have bid in the region of £30 million for Pastore, however it is believed that Palermo will hold out for an offer of £50m from the Eastlands club.
The 21-year-old has been at Rosanero since moving there in July 2009 from Argentinean side Huracan scoring 12 goals in 42 appearances. He has been in particularly good form this season hitting the net 10 times in 29 league games.Indeed his prowess is reflected in the Castrol Rankings where he has a current position of 97, having started the season with a ranking of 647.