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AC Milan chief executive Adriano Galliani says Chelsea's offer for Italy midfielder Andrea Pirlo is too low for them to consider.
Pirlo, 30, is being pursued by Chelsea, who have reportedly offered about £6.75m plus striker Claudio Pizarro.
"At this price Pirlo is not for sale," Galliani told Italy's Sky television."
Meanwhile, a Salomon Kalou goal and an Alex Pearce own goal earned Chelsea a 2-2 draw at Reading after they had been 2-0 down with a minute left to play.
Carlo Ancelotti fielded a strong Blues side for their final pre-season match, but the new Chelsea coach is keen to bring in Pirlo, who he convinced to join AC from Milan rivals Inter in 2001, to his squad.
Pirlo is a dead-ball specialist who has helped Milan win one Serie A title and two Champions League crowns. The playmaker was also in Italy's 2006 World Cup winning squad.
If Ancelotti gets his man, Pirlo will become the club's fourth signing of the summer, following Yuri Zhirkov, Daniel Sturridge and Ross Turnbull to Stamford Bridge.
Meanwhile, Milan have joined Tottenham in expressing their interest in Real Madrid striker Klaas Jan Huntelaar.
The Dutchman had been set for a move to German side Stuttgart last week but that fell through due to his wage demands.
Spurs manager Harry Redknapp said last week that he was interested in the 25-year-old striker, although any move for Huntelaar would be dependant on Darren Bent's transfer to Sunderland going through.
Source: BBC
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