Fluminense have set their terms to Real Madrid for young striker Pedro Guilherme.

Real are prepared to pay €20-25m for the youngster, knowing offers are arriving for him from across the world.

AS says Bordeaux have raised their initial bid from €8.5m to €12m, while Monterrey have put in two offers - one for €15m and another of €20m.

Girondins' offer was rejected out of hand by Fluminense as they felt it was too low while the second offer, from Monterrey, was turned down by the player.

Fluminense would be willing to accept an offer of around 20 million euros while retaining a 20% stake in the player - which would ensure they would be compensated if he were to be sold at some point in the future.