Real Madrid have made an improved bid for SV Hamburg midfielder Rafael van der Vaart but the German club said Saturday the offer was far from acceptable, the dpa reported.
Hamburg sport director Dietmar Beiersdorfer told Germany's NDR television Madrid's offer was "not acceptable by a long way."
He added: "We have to think about it but it is not at all what we imagine."
Beiersdorfer said it was "possible something will come next week" but until then "we assume that he will stay with us."
German media reports say Real originally offered 7 million euros (10.89 million dollars) for the 25-year-old midfielder and were now prepared to pay 9 million euros with the prospect of a further success-related 2 million euros.
Hamburg's Dutch coach Martin Jol confirmed that the club would not sell the player for less than 13 million euros.
The two teams met Saturday at the Emirates Cup tournament in London.
Jol left van der Vaart out of the Hamburg side which lost 2-1 to goals from Ruud van Nistelrooy and Daniel Parejo Munoz. Juventus and hosts Arsenal were to meet in the day's other game.
According to Spanish sports daily Marca, van der Vaart will be presented on Monday or Tuesday following a routine medical examination.
If the transfer goes through he will become Real's fifth Dutch player following van Nistelrooy, Arjen Robben, Wesley Sneijder and Royston Drenthe.