Santos have rejected a 20 million-euro offer from Barcelona for Brazil starlet Neymar, local media reported on Wednesday.

The Brazilian outfit, which last week turned down Barcelona's initial 18 million-euro bid for the striker, made the decision after a meeting of the club's board on Wednesday night.

"Santos has analyzed the the proposal and it doesn't meet our requirements," Santos vice-president Odilio Rodrigues told O Globo.

"He (Neymar) remains a part of our team and has a contract until July 2014."

The latest development involving Neymar's future comes amid reports that representatives from both Barcelona and Spanish rivals Real Madrid are currently in Brazil to negotiate a deal for the 21-year-old.

Santos, to whom Neymar is contracted until the 2014 World Cup, owns 55% of the player's economic rights. The remainder is held by investment firms DIS (40%) and Terceira Estrela Investimentos (5%).

The club risks losing Neymar for nothing if it does not strike a deal for the forward before the close of the European summer transfer window in August. Endit

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