Corinthians president Andres Sanchez insists they will not raise their offer for unsettled Manchester City star Carlos Tevez, Britain's Press Association reported.

The Eastlands club have rejected Corinthians’ initial bid of £35million for the Argentine with City thought to be holding out for a £50 million transfer fee.

Sanchez says if the deal is not agreed by Sunday the move will not happen, with the transfer window in Brazil set to close on July 20.

“I was in Argentina for a Brazil match [at the Copa America], I spoke with Tevez and his representative on the phone,” Sanchez told Lancenet.

“Corinthians have made an offer of approximately €40million (£35 million) to sign him permanently. This sum means we will be spending 20 to 25 per cent of our TV rights earnings if City accept it.

“I have made an offer which I think City cannot refuse, and we will not raise it further. If they ask for (£50 million), they will keep him.

“If we haven’t closed the deal by Sunday it won’t happen this year.”

Using the £50 million Chelsea paid Liverpool for Fernando Torres as a guide, City pointed out that, as they regarded Tevez as one of the world's best forwards, they saw no reason why he should be allowed to leave on the cheap.

And, having discovered it could cost around £45 million to get Atletico Madrid's Sergio Aguero in as a replacement, it appears City's stance remains the same.

The club are insistent there is more to the player's desire to leave than merely wanting to be closer to his two daughters and wife Vanesa.

Tevez's trusted advisor Kia Joorabchian is no longer on speaking terms with City chief executive Garry Cook and the belief at the Etihad Stadium is that this lies at the root of the problems.

"It is a big deal and a tough deal, because it is one of a very big nature and it might not be simple," Joorabchian told Sky Sports News.

"We wait to see. First and foremost we have to respect that City have to make a formal answer.

"If they do accept, then everyone will be running to make it happen. If they don't we will have to see what other options would be available for him.

"Carlos has a lot of respect for City but unfortunately his wife and daughters have not been able to adapt.

"They have lived in Manchester for just over four years and last year they found it very hard. They returned to Argentina and the situation was very difficult for Carlos from a family and personal perspective.

"He decided he would like to move somewhere where his wife and two daughters would move with him, and where they would find it easier to adapt, whether that was in Europe or somewhere else."

All is not lost for Tevez, with Jose Mourinho coming out with some cryptic comments that hinted Real Madrid may make a move.

"It is very difficult to start speculating - the reality is that Corinthians have made an offer," he said.

"We have never spoken to Real Madrid and they have made no offer. Corinthians have and at the moment we have to see what City will feel and what their reaction will be to that offer.

"We will take every step as it comes."