La Liga champions must double their offer to secure replacement for Chelsea-bound star.
Manchester City have rejected a £12m bid from Atletico Madrid for Spanish striker Alvaro Negredo, according to MARCA.
Atletico are in the market for a new frontman this summer, with 36-goal hero Diego Costa continuously linked with a move to Chelsea.
Negredo, 28, would be seen as a good replacement for Costa, as he comes from a similar mould – he is powerful and dynamic.
City only signed Negredo 12 months ago and he enjoyed a decent debut season in England, scoring 23 times in 49 first-team appearances – 20 of which came of the bench.
The Premier League champions paid Sevilla £20m for Negredo and the Etihad Stadium side are expected to demand at least £24m to consider selling him this summer.
Negredo was not selected by Spain for this year’s World Cup in Brazil, with Chelsea Fernando Torres being called up instead.
In 21 senior international appearances, Negredo has scored 10 goals.