The ongoing transfer saga of Cruzeiro midfielder Lucas Silva appears to have reached a conclusion as the club’s sporting director informed a Brazilian radio program that the player will not be joining Real Madrid in January while stressing the Brasileiro side are under “no urgency” to sell him.

The 21-year-old Brazilian starlet has been rumored to be on the way to his “dream” club for the past few weeks. Earlier this month, Silva told a local television show that Real Madrid had been in contact with his representatives and expressed that it was his dream to play for the ten-time champions of Europe.

Today, Cruzeiro sporting director Alexandre Mattos confirmed that the Spanish club had been in contact with officials at the Brazilian side a number of times. But it appears the clubs have reached a stalemate in their negotiations for the 21-year-old defensive midfielder.

Madrid have already seen two offers for Silva rejected by Cruzeiro officials and it doesn’t appear the La Liga giants will increase their offer of 13 million euros (£10.2 million) for the player. The Brazilian side have gone public to say that they will not sell Silva for less than 15 million euros (£12 million).

Despite the bids, Mattos stated that the La Liga club were not looking to add players during the January window and stressed that his club was under no pressure to their prized player.

“We’ve held four formal meetings to discuss the future of Lucas Silva but I’ve spoken with Real Madrid representatives over ten times,” Mattos told the Brazilian program Radio Itatiaia.

“In principal they are not intending to bring any players in during the winter transfer window and we have no urgency to sell Lucas.”

When the story first surfaced regarding Silva’s potential move to Spain, the midfielder expressed that he would prefer to move during the summer, after the completion of the Copa Libertadores. It now appears that if a deal is to take place between the Spanish and Brazilian clubs, it will be for the player to switch teams at that time.

There is less urgency in the Spanish capital to move for a midfielder since it’s been learned that Luka Modric is ahead of schedule and could return from injury as soon as the end of January.

The influential midfielder was thought to be ruled out for between three to four months after sustaining an injury during Croatia’s Euro 2016 qualifier against Italy in mid-November. But news today from Spain is that the 29-year-old is slightly ahead of schedule and is targeting a late-January return.

There is also a wild card in the Silva transfer saga. Arsenal have tabled a bid for the Brasileiro league defensive midfielder of the year. Manager Arsene Wenger has identified Silva as the perfect January signing to strengthen his side’s midfield needs.

Whether the Cruzeiro midfielder will take the Frenchman up on his offer will be determined in the coming weeks.