High-level discussions have taken place at City today and it was decided to turn down the offer, which wassubmitted late yesterday.
It maintains the level of uncertainty surrounding Tevez's future, with the player desperate to leave for family reasons and City refusing to sanction the departure of their skipper without adequate compensation.?
Party time: Sub Carlos Tevez (right) celebrates with his Argentina team-mates during their Copa America victory over Costa Rica on Monday night
No reason has been given by City for their stance, which will not go down well with Tevez, who is currently at the Copa America in Argentina.
However, when the 27-year-old publicly expressed a desire to move away from the club last week, City officials immediately stressed that with three years left on the striker's contract, they were in the strongest bargaining position.
Off target: Tevez is currently in Argentina for the Copa America, but his side are struggling
Using the ?50million 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 ?45million to get Atletico Madrid's Sergio Aguero in as a replacement, it appears City's stance remains the same.
Indeed, City have retained an admirable air of calm since the latest Tevez furore began. The club are insistent there is more to the player's complicated position than merely wanting to be closer to his two daughters and wife Vanesa.
Waving goodbye: Bookmakers Betfair have Tevez priced at 1/9 to leave Manchester City this summer
Fans' favourite: Tevez at Corinthians in 2005
Tevez's trusted advisor Kia Joorabchian is no longer on speaking terms with chief executive Garry Cook and the belief at the newly named Etihad Stadium is that this lies at the root of the problems.The question now is whether Corinthians can find even more money, having surprised many observers by offering such a huge sum in the first place.
It had been revealed that Tevez is desperate to rejoin his former club.
With the Brazilian transfer deadline in 10 days, Corinthians hope to force through a deal that will take him back to South America.
And Tevez, who originally joined them from Boca Juniors for ?13.7m in 2005, is 'close' to sealing a switch back to the Brazilian giants this summer.
'Negotiations have already begun. Corinthians are in contact with us,' said Joorabchian.
'His dream and mine is to see him back with Corinthians. He said he has a job that does not end there, he wants to return because he has the dream of winning the Copa Libertadores.
'Corinthians have made the offer, now it depends only on Manchester City. The City has to make a decision.
'Everybody is working to make this happen, I, Corinthians, Tevez, Adrian Ruocco (Tevez's other agent). It is impossible to determine the situation, but I think it's close.
'Carlos will not play for any other Brazilian club than Corinthians, that is an absolute certainty.
'Boca Juniors and Corinthians are in his heart. He would only play for the these two clubs if he when back to Brazil and Argentina.'
Corinthians, who broke their transfer record when they bought Tevez for the first time, are funding their bid with sponsorship and TV rights money.
What a way to go: Tevez's last act as a Manchester City player looks like being lifting the FA Cup in May
With a new training centre and 68,000-capacity stadium that is costing ?310m to build and is due to open in 2013, they expect to become the biggest club in South America and see Tevez as central to their ambitions.
It is understood that Corinthians, who bring in ?50m every year from their TV rights and ?23m from main shirt sponsors Neo Quimica, can also satisfy the 27-year-old star's high wage demands.
Tevez has expressed a strong desire to leave Eastlands, citing a desperate need to live closer to his children. A return to Brazil would be attractive and the striker is now keen to see the clubs agree a fee.
Fresh faces: Tevez joined West Ham from Corinthians alongside Javier Mascherano (right) in 2007
Tevez was a major success at Corinthians, scoring 25 goals in 38 league games. He captained the side to the title and won the South American Footballer of the Year award.
So, despite moving to West Ham in August 2006 with Javier Mascherano, Tevez would be welcomed back to Sao Paulo - once again becoming the most expensive player in South American football history.
When he signed for Corinthians for the first time, Joorabchian said: 'There was a dinner for 400 Corinthians officials but 3,000 people forced their way into the room and 20,000 lined the streets. He started slowly but once he started scoring goals, it was phenomenal.'
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Source: Daily Mail
Source: Daily Mail