Wolverhampton Wanderers have rejected a bid from Manchester City for midfielder Matheus Nunes, 90min understands.
City are on the hunt for midfield reinforcements this summer and had been targeting West Ham United's Lucas Paqueta before an investigating into alleged betting offences saw the reigning Premier League champions pause their pursuit.
Sources have confirmed to 90min that City lodged a bid worth £47m for Nunes on Thursday morning but were immediately knocked back by Wolves, whose surprise sale of Ruben Neves to Al Hilal for the same figure has left them under no pressure to sell.
With just a week until the transfer window closes, Wolves are reluctant to offload such a crucial performer and have made it clear to City that they will have to raise their bid significantly to have any chance of getting a deal done.
Indeed, 90min understands that Wolves are holding out for at least £60m to part ways with Nunes, who joined in a £42.2m deal from Sporting CP and remains under contract until 2027. Wolves also have the option to extend Nunes' contract by a further 12 months.
Whether City will return with an improved bid is not yet clear, with club officials understood to be evaluating a number of potential options.
Among City's alternative targets is Crystal Palace's Eberechi Eze, who has entered the final two years of his contract at Selhurst Park and has rejected the opportunity to sign an extension already this summer.
Kiernan Dewsbury-Hall of Leicester City is also on City's radar as a potential bargain following the Foxes' relegation from the Premier League.
In terms of outgoings, City have been notified of interest in midfielder Kalvin Phillips from both Bayern Munich and Liverpool.