Efe says Barca chief Deco has informed PSG that the 16 year-old Euros will not leave for less than his current €1bn buyout clause.
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PSG tabled their world record bid last week, but after discussions Barca's board rejected the proposal.
Barca see Yamal as a geniune flagship for the club and want to build generational teams around the teen in the coming years.
Yamal turns 17 on July 13. His current deal runs to 2026.