Real Betis have rejected an offer for Natan.
The Brazilian defender has attracted an offer of €27m from an unnamed club, says Estadio Deportivo, which has been rejected by Betis.
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The LaLiga club will only consider parting with Natan for €45m.
The defender has been linked with Leeds United and Lazio since the end of last season. Natan's contract runs to 2030.
He was signed permanently from Napoli for a fee of €10m after a successful loan last year.