The Sunday Mirror says Chelsea were set to sell the once-mighty hitman back to his old club, but Milan were not interested in making the deal permanent or even paying half his £120,000-a-week wages.
A senior club source said last night: "There have been conversations with Milan about Shevchenko, but when they outlined their idea for a deal it was a definite non-starter.
"They had no interest in signing him permanently. They wanted him on loan and were only prepared to pay a fraction of his wages. They were quickly told it would never happen."