AC Milan vice-president Adriano Galliani has confirmed receiving no offer from Manchester City for striker Stephan El Shaarawy.
The 20-year-old forward has already responded to rumours linking the Premier League runners-up with a bid for his services by saying he was "flattered" but committed to the Rossoneri, with whom he is under contract until 2018.
City were reported to have been preparing a swap deal involving Argentinian striker Carlos Tevez and an estimated ?20million for the left-footed Italy striker.
But Galliani has now clarified Milan's position, telling legaseriea.it: "On El Shaarawy, I can assure you there have been no talks and the rumoured offer from City does not correspond with reality."
El Shaarawy scored 18 goals in all competitions for Milan in the 2012-13 season and is currently representing Italy at the Confederations Cup in Brazil.
Adam has signed a new two-year contract at the Banks's Stadium while twin brother James has extended his stay by a further year.
Saddlers boss Dean Smith said: "I'm really pleased they have both signed new deals. They are fantastic professionals and good people to have around the place."
Midfielder Adam joined Walsall two years ago and has proved a valuable member of the squad, making a total of 77 appearances, while he finished runner-up for the club's Player of the Year award last term.
"I'm very pleased to have signed this new deal," Adam said. "It's a situation that has been ongoing for a while, but I am glad it has been done and dusted now because I thoroughly enjoy it here and can concentrate on the season ahead.
"The club showed last season that we are moving in the right direction and hopefully that progress will continue."
Versatile full-back James, meanwhile, arrived last summer and went on to make 24 outings last term.
"It's a good club with good management and players," he added. "People saw what we were capable of during the second half of last season and hopefully we can recreate that form and push on from where we left off.
"From a personal point of view I feel that I was performing like myself towards the end of the season and now I can't wait for the new season to get underway."
The 26-year-old arrives at The Lamex Stadium after four years with their League One rivals, a spell which saw the former Chelsea youngster make nearly 200 appearances.
He told the club's official website: "I know a number of the lads already such as Ben Chorley from Orient and Filipe Morais and Anthony Grant from my Chelsea days and they only had good things to say about the club, so it was an easy decision to make.
"The training ground is amazing, right up there with some Championship and even Premier League facilities and I can't wait for the new season."
