Sevilla president Jose Maria del Nido says AC Milan must up their bid for Luis Fabiano.

The Rossoneri saw their offer of £12.5m for the Brazilian hitman rejected on Tuesday evening, as the price-tag is £18m.

"The negotiations are complex, but Milan have made no formal offer. We are the owners of the players' contract," said President Del Nido.

"Milan have no money to swoop for Luis Fabiano. The first offer we received from them was worthy only of a reserve player. It was insulting.

"Luis renewed his contract with us and I really think he will remain in Seville for the next two years."