Albelda rejects offer

Albelda, 29, has worn the armband at Valencia since the departure of Gaizka Mendieta in 2001 and is reported to have been tabled a 100,000 euro/week offer by the club where he has spent his entire professional career.

But his agent Alberto Toldra confirmed that the initial offer has been rejected on the basis that is insufficient for the man who captained Los Che to UEFA Cup and La Liga glory in 2004.

"Today the option to sign is impossible because the money offered is insufficient," he claimed. "However, we are still ready to talk and have time on our side."

The player's current deal expires in June 2009 and with reigning Liga champions Barcelona reportedly keen Valencia could cash-in on Albelda this summer, should he reject their next proposal.

Albelda has 40 caps for the Spanish national team.