Valencia today confirmed Manchester United had made a bid of over £10 million sterling for Roberto Ayala.
Valencia press officer Jesus Paniagua said: "We have received an offer of 2,800 million pesetas (£10.46 million) from Manchester United for the player".
But club president Jaime Orti insisted the defender was not for sale.
Ayala, expected to play a pivotal role for Argentina at the World Cup in the summer, will remain at the Mestalla as Valencia seek their first league title since 1971.
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Valencia, who have not revealed when the bid was made, are two points adrift of leaders Real Madrid.
PA