Spanish sources report Atletico Madrid have rejected a €35m Juventus offer for Sergio Aguero.
According to As newspaper, the Bianconeri bid €32m cash plus ownership of midfielder Tiago Mendes.
It's a long way off his €45m buy-out clause and the sum Real Madrid are reportedly willing to shell out for the striker.
Amauri and Momo Sissoko were also proposed as potential makeweights in the deal, but Atletico are determined to bring in only cash.
There were also rumours of Manchester City getting involved in the Aguero chase, but in Argentina they see it very much as a two-horse race.
“I spoke to Kun a few days ago,” explained former Boca Juniors star Martin Palermo on Cadena Cope.
“He told me he's waiting to work out if it'll be possible to join Real Madrid or Juventus. I think he knows what is best for him, but has no real preference. It depends on what the Atletico directors decide to do.”