Lazio reject Milan's Nesta bid

The composed defender`s future has been the subject of intense speculation for the majority of the summer, with a host of top European teams linked with the 26-year-old.

Fabio Cannavaro`s move to Internazionale last week appeared to spark the rossoneri into action, and Milan vice president Adriano Galliani met with Lazio president Sergio Cragnotti to discuss the transfer.

A bid of over £16 million was tabled, but cash strapped Lazio turned down the offer and decided to end the talks.

Cragnotti confirmed the offer was not big enough, saying: "Galliani telephoned me earlier to confirm that Milan's offer would be ‚é¼26 million.

"However, Alessandro Nesta is worth far more than this, and so we have decided to keep him," he added to Gazzetta. 

Milan confirmed this, with a statement on their website reading: "Vice president Adriano Galliani, who was in charge of the deal, tabled a bid of ‚é¼26 million, to be paid over the course of three years.

"This offer was rejected by Lazio, and by mutual agreement with Sergio Cragnotti the transfer has now been called off."