The Bianconeri had made a €4.5 million bid for the youngster, but the club's president believes that the player could be worth far more by current market standards
The 18-year-old has made 17 appearances in the Brasileiro this season, scoring one goal, and the Fogao chief believes his side can demand a higher transfer fee.
"For €4.5m, he won't leave. We've already said no to that," he told Radio Globo.
"But I don't know - the transfer market is crazy. There are players out there being sold for €100m."
Botafogo currently sit in fifth place in the Brasileiro, 23 points behind runaway leaders Fluminense.