Carvalho was a star performer at Euro 2004

"Real offered �7m for Carvalho, but I made a counter-offer: he will not leave Porto for anything less than �20m," said president Jorge Pinto da Costa.

"As you've already certainly read, Real's management said they were going to wait for me to lower the price.

"But they can carry on waiting because I will not knock down the price."

Carvalho was outstanding during Portugal's Euro 2004 campaign and has been tracked by a host of top European clubs.

Real Madrid coach Jose Antonio Camacho wants to bring the defender to the Bernabeu.

Real target Carvalho

And the 26-year-old has said that he wants to leave Champions League winners Porto.

Since beating Monaco 3-0 in the Champions League final, Porto have lost their coach Jose Mourinho and defender Paulo Ferreira to Chelsea, while midfield playmaker Deco has joined Barcelona.