Japanese international looks set to stay in Russia until January.
CSKA Moscow have rejected the latest proposal from AC Milan to sign playmaker Keisuke Honda, according to La Gazzetta dello Sport.
It is understood that the Rossoneri made a fresh bid to sign the 27-year-old on Wednesday, but were again knocked back by the reigning Russian champions.
Reports in Italy suggest that vice-president Adriano Galliani proposed a €3.5m deal, but CSKA continue to hold out for no less than €5m.
The latest rejection comes just hours after Honda had offered to take a pay-cut to join the Italian giants in order to allow them to raise their bid further.
It has become apparent that the Japanese international wishes to secure a move to San Siro as soon as possible, but CSKA continue to reject their advances as they look to make a strong start to the season as well as benefit from having Honda for the Champions League group stages.
While the talented playmaker has already agreed personal terms with Milan, it is becoming more likely that he will join his new team-mates in January when he will be available as a free agent.
However, it will be a huge disappointment for Galliani and Milan as they search for reinforcements ahead of the new campaign, and it is unclear at this stage as to whether or not they will return with a new bid before the transfer deadline.
Relations between the two clubs are also likely to be tense at this stage after months of negotiations and CSKA officials maintaining that Honda will not leave at a discounted price.