Reports in Italy on Thursday stated that a deal has been struck between the two clubs, with just Lucas left to agree personal terms with the Italian giants.
However, the Brazilian outfit have now dismissed these reports, with Paulo de Jesus Lopes claiming that they have held official talks only with Manchester United.
“I’m not aware of this information,” he told Lancenet. “I was with (Sao Paulo president) Juvenal Juvenicio yesterday (Wednesday) and today (Thursday).
“We sat only to negotiate with Manchester United, but their offer was not good enough.”
Lucas, 19, is one of the best young players in world football and is currently in action for Brazil at the Olympics.
He has previously said he will make a decision on his future after the Olympics after Sir Alex Ferguson confirmed United’s interest last month.