"Following news reports claiming an arrangement had been reached between Corinthians and striker Carlos Tevez, the president Andrés Sánchez is keen to come forward to clarify that Manchester City have not accepted the proposal by Corinthians," a statement on the club's official website read.
"In fact, the club sent a counter-proposal to Corinthians this morning that, due to the time difference, did not reach the attention of the board until now. In the counter-proposal, the Premier League club sought to change the structure of payment and the total value of the transaction. In addition, Manchester City also insist that Tevez gives up a pending amount with the English club.
"Finally, the president Andrés Sánchez advises that there is nothing concrete at the current moment with Tevez and that City's counter-proposal will be reviewed by him and his board."
http://www.guardian.co.uk/football/2011/jul/18/corinthians-manchester-city-carlos-tevez