It is understood that the offer came from Jiangsu Suning who paid huge money for Brazilian pair Ramires and Alex Teixeira in January last year.
Seluk said: "Yaya wants to play at the highest level.
“He's happy at Manchester City. Yaya likes football more than money."
Toure is in the final six months of his contract with City but is determined to become a key player for Pep Guardiola in the second half of the 2016/17 season.