The potential for a loan deal till the end of the season was considered by Santos president Luis Alvaro de Oliveira Ribeiro.
However, after reflecting on how the indebted club would finance a move for a player on £160,000 a week, Luis Alvaro later admitted: "We have a dream, but the distance between dream and reality is huge.
"Santos have made no attempt to sign Robinho because the club is going through a time of settling our finances.
"Even if there was interest, we would first get in touch with Manchester City.
"We are unable to sign him. I want to calm down those who are dreaming about that possibility."