Monaco have turned down a world-record fee of around €120 million euros (£103m) from Real Madrid for 18-year-old striker Kylian Mbappe, Telegraph Sport understands.

The bid was lodged in the last few days and would beat the €100m Manchester United paid Juventus for Paul Pogba and the fees paid by Real for Cristiano Ronaldo and Gareth Bale.

The French champions are, instead, hoping to agree a new deal with Mbappe and have no intention of selling him this summer despite the worldwide interest. Crucially they may sell next summer, however, after the World Cup.