The Brazilian club's president believes the attacker is not worth the 10 million euro fee being sought given his age and remaining contract at AC Milan.
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. Despite the 57 million euro windfall from Neymar's switch to the Spanish champion, 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," Ribeiro told Gazzetta dello Sport. "In addition, he only has a year left on his contract, he's not worth more than 6 million euros."
Robinho scored twice and notched six assists in 23 Serie A appearances for Milan last season as the club clinched third place in the table, but he has found himself increasingly frozen out of the side due to the burgeoning talents of Stephan El Shaarawy, Mario Balotelli and Mbaye Niang.