The Russian tycoon is reported to have offered Zola £3 million a year in wages, and promised to pay Serie B club Cagliari more than £1 million to buy out the Chelsea ace's contract.
Cagliari president Massimo Cellino confirmed the bid, saying: "Abramovich sent Zola a fax offering him £3million. I have seen it with my own eyes.
"He also contacted me by phone, via an Italian middleman, offering me £1.25 million to tear up Zola's contract.
"I got another call from Abramovich on Thursday, this time offering me a million pounds to call off the deal. I told him no straight away."
Zola also insists he will not be considering a return to The Premiership, stating he was not willing to go back on his word.
"I think I have made the right decision. My reputation with the Sardinian people was at stake. I knew that they were expecting a great deal from me," said the 37-year-old.
The Italian chose to leave Stamford Bridge last week, turning his back on the offer of a new one-year contract and Champions League football to sign for Serie B outfit Cagliari in his native Sardinia.
