"Spain? I'm on a beach in Italy!" exclaimed Galliani when he was called by the Gazzetta dello Sport this evening.
"I'm at the seaside in Romagna. There are no negotiations with Real Madrid over Kaka."
The speculation exploded after Paolo Maldini was quoted as saying he thought Kaka would quit the club.
However, the official Milan website has given a very different spin on the comments he made at a Press conference.
"It's not easy to say what Kaka will do. I think he will remain at Milan, but if [Carlo] Ancelotti was hermetically sealed over his future, then Kaka is even more."