Atletico Madrid have €12.75m bid for Racing's Lautaro Martinez rejected

Racing Club have turned down an offer of €12.75 million from Atletico Madrid for striker Lautaro Martinez, the Argentine club's president has said.

Martinez, tied to Racing until June 2020, is also a reported target of Borussia Dortmund and other European clubs.

"We received an offer from Atletico of €12.75m, plus a 10 percent surplus value of a future sale, for Lautaro Martinez but Racing turned it down," Racing president Victo Blanco told Fox Sports Radio.

"We want to get together on Monday or Tuesday with Lautaro's agent to discuss this and make a definite decision. I spoke with him and I can guarantee that Lautaro is going to continue with us until June."

Martinez has a €9m release clause in his contract but the Argentina under-20 international reportedly agreed with Racing he will not leave for less than €20m.

Atletico were not allowed to buy any players this summer because of a FIFA transfer ban that ends in the New Year, but will strengthen their attack in January with Diego Costa and Vitolo.

Martinez scored nine goals in 23 Superliga Argentina appearances for Racing last season.

The 20-year-old, who scored his third league goal in his sixth start this season for Racing in Sunday's 2-2 draw at Newell's Old Boys, said after the game: "I don't know if these are going to be my last months at Racing, I have not spoken to my agent. I don't want to think about anything or say something because I don't have any concrete information.

"I just try to give my best, leave a good image and help my teammates. We then shall see what decision the club executives, my agent and my family take."

Martinez has said in the past he is keen to play in the Copa Libertadores with Racing next year before considering a move to Europe.