Rio de Janeiro: Santos have rejected a 20 million-euro offer from Barcelona for Brazil star Neymar. 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, reports Xinhua.

"Santos has analysed 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 percent of the player's economic rights. The remainder is held by investment firms DIS (40 percent) and Terceira Estrela Investimentos (5 percent). 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.