Speaking in Vancouver on Monday, Blues manager Roberto Mancini claimed an agreement had been reached between the two clubs and only personal terms had still to be thrashed out with the Argentina striker.
However, Corinthians later released a statement on their own website insisting this is not the case and that City have attempted to make changes to their initial agreement.
"Regarding the news published during the early hours of today stating an agreement between Corinthians and striker Carlos Tevez, the (club) president Andres Sanchez would like to clarify to the public that Manchester City did not accept the Corinthians offer for the player," read the statement.
"The truth is that the club sent Corinthians a counter-proposal in the early hours, that due to the time difference only was noticed by the Alvinegra (white and blacks) management this morning.
"In the counter-proposal, the English club have asked for changes in the form of payment and on the value of the transfer.
"In addition, Manchester City has also insisted that Tevez would have to give up a pending amount with the English club.
"Lastly, president Andres Sanchez informs that for the time being there does not exists anything concrete for Tevez and the counter-proposal will be analysed by him and by his management."