AC Milan has held talks with Chelsea about buying Andriy Shevchenko and selling Kaka, but said no offer has been made, according to AP.
Brazil playmaker Kaka has been linked with a move to the Blues, with his spokesman saying that a "formal proposal" had been made.
But after meeting Chelsea owner Roman Abramovich, Milan vice president insisted that Kaka is "happy" at the Italian club.
"The offers for Kaka are only in the newspapers and they make up stories," Galliani told the club Web site. "Today there are talks of a ?150 million (US$239 million) offer and tomorrow it will be ?200 million (US$318 million).
"Nothing is true, neither from Chelsea nor from any other club have we received that kind of offer."
Galliani asked Abramovich about bringing Shevchenko, the Ukraine striker, back to Milan.
"I was on Abramovich`s boat," Galliani said. "It`s true that he has had me as his guest and that I asked him for Shevchenko and he asked me for Kaka.
"But it finished 0-0 as we told him no for Ricky (Kaka) and they said no for Andriy. In any case there was no mention of numbers."