Galliani: Sheva move is off

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Reports on Wednesday suggested Shevchenko could return to Milan in what would initially be a season-long loan deal following a meeting between former club president Silvio Berlusconi and Chelsea owner Roman Abramovich in Sardinia last Thursday.

However, Galliani revealed on Thursday that the proposed loan deal fallen through, telling Gazzetta dello Sport: "Negotiations for Shevchenko are at the moment frozen."

He added: "Milan had wanted to take the player on loan with the right to buy him, but Chelsea said no because they wanted us to buy him outright.

"Therefore negotiations are through."

The news appears to signal the end of Milan's summer-long pursuit of a player who has endured two disappointing years at Stamford Bridge following a big-money move from the Italian giants in 2006.

The Ukraine striker remains a firm favourite at the San Siro, where he still stands as the club's second-most prolific goalscorer of all-time having scored 127 goals in 208 games during a seven-year career.