Valencia have rejected a bid by Real Madrid to sign Argentine international defender Roberto Ayala and plan to offer the player an extension to his present contract, club president Jaime Orti said on Thursday.

"He is a very important player for Valencia and he is going to stay at the club in the future," Orti told reporters. "Next week we are going to meet with the player and his agent with the aim of extending his contract.

"I just want to reassure the fans that the player will remain here to help Valencia attain more success in the future."

Earlier in the day Orti said that Real Madrid had made an official bid for the 30-year-old centre back, whose present contract with Valencia expires in 2005.

"We have received a formal offer and as such we are going to look at it carefully and then decide what to do to deal with the matter," he had told reporters.

Real have been scouring the market for a new centre back following their decision to discard captain Fernando Hierro at the end of last season.

They were on the point of signing Argentine defender Gabriel Milito from Independiente in July, but the deal fell through at the last minute because of Real's concerns over the player's fitness.

Renowned for his tough and uncompromising approach to defending, Ayala has been one of Valencia's most influential players since he joined the Mediterranean club from AC Milan for $4.3 million in September 2000.

He has marshalled what has been one of the most effective defences in the Spanish first division and played a key role in the club's run to the final of the Champions League in 2001 as well as their victory in the 2002 domestic championship.

Ayala made his name in Argentina with River Plate, and had a three-season spell at Napoli before joining Milan in 1998.

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