AC Milan star Kaka's future remained unresolved yesterday amid reports that he could be on his way to Real Madrid in a €65 million ($92 million) deal.

Milan vice-president Adriano Galliani was in Madrid on Tuesday night to finalise the deal, along with Kaka's father-manager Bosco Leite, Italian sports dailies La Gazzetta dello Sport and Corriere dello Sport reported yesterday.

Five-year deal

After four hours of meetings with Madrid president, Florentino Perez, a deal was reached under which Kaka would get €9.5 million ($13.5 million) a season for five years, Gazzetta said.

But Britain's Sky Sports News reported that Chelsea had countered Madrid's offer by bidding £73.5 million (€85 million; $120 million) for Kaka and offering him £10 million (€11.6 million; $16.4 million) per year in wages after tax.

Kaka's coach at Milan, Carlo Ancelotti, was appointed Monday as Chelsea's new manager.

None of the clubs involved have offered official confirmation on the dealings.

Milan said on its Website that Galliani was only in Madrid because he had been previously invited to attend a dinner honoring Perez. Madrid said it had nothing to announce.